US Foreign Account Tax Compliance Act (“FATCA”) 11 Oct 2012 The Governments of Guernsey, Jersey and the Isle of Man are today, Friday 5 October 2012, simultaneously announcing their intention to negotiate partnership agreements with the United States of America to implement FATCA. These agreements will follow the model intergovernmental agreement published by the US […]

FSA speaks on FCA and financial crime 10 Oct 2012 Tracey McDermott spoke to BBA on the role FSA currently plays, and the role the Financial Conduct Authority (FCA) will play in tackling financial crime. She said the FS Bill’s integrity objective explicitly tasks FCA not to let the UK financial system be used for […]

FSA publishes Financial Crime Newsletter 10 Oct 2012 The latest edition of FSA’s Financial Crime Newsletter focuses on recent fines and thematic reports. During the second half of 2013 it plans to publish the results of thematic work on anti-money laundering (AML), terrorist financing and sanctions controls in trade finance, and on AML and anti-bribery […]

Liikanen report on the structure of EU banks 04 Oct 2012 The Liikanen expert group (see Daily New 24 February 2012 has published its report on structural change in the EU banking sector. The main recommendations are: • Mandatory separation of proprietary trading and other high-risk trading activities. Proprietary trading and all assets and derivatives […]

FSA financial crime newsletter – focus on anti-bribery and corruption risks04 Oct 2012 The FSA has published the sixteenth edition of its financial crime newsletter. The FSA’s “Core Financial Crime Programme” launched in its previous financial crime newsletter will be expanded to include anti-bribery and corruption risks from the middle of next year. The programme […]

FSA and other investigating agencies agree guidelines on mortgage investigations04 Oct 2012 The FSA, Office of Fair Trading, Local Authorities Co-ordinating Body on Food and Trading Standards, and the Trading Standards Service of the Department of Trade and Investment for Northern Ireland (agencies) have agreed guidelines to assist their investigations into suspected criminal breaches and […]

How will the SFO treat companies in the future? 03 Oct 2012 New SFO Director signals changes in how the agency will treat companies in the future The Serious Fraud Office has withdrawn its guidance to companies that discover and report corrupt conduct in order to avoid prosecution. The guidance, which had been based upon […]

Denmark: Suspected fund raisers arrested 03 Oct 2012 Authorities in Copenhagen, Denmark have arrested eight people across Zealand who are suspected of financing the Kurdistan Workers’ Party (PKK), which the US, EU and Canada have designated as a terrorist organization. These arrests follow the investigations into a Copenhagen-based Kurdish TV station which was fined 2.6 […]