New US Executive Order in relation to Iran and enforcement action against two non-US banks 11 Sep 2012 On 31 July 2011 Barack Obama enacted a new Executive Order ‘Authorising Additional Sanctions with Respect to Iran’, which has immediate effect. The US Department of the Treasury also announced the imposition of sanctions under the Comprehensive […]

International payments under US Iran sanctions regulations 11 Sep 2012 HM Treasury has published (http://www.hm-treasury.gov.uk/d/fin_sanc_ofac_letter_to_hmt.pdf) a letter it has received from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC clarifies the way in which OFAC’s Iran sanctions previously applied to international payments. HM Treasury requested clarification, particularly in relation to […]

UK and US regulators provide guidance on humanitarian assistance to Iran 11 Sep 2012 In light of the recent earthquakes in north-west Iran, HM Treasury (http://www.hm-treasury.gov.uk/d/fin_sanc_iran_notice_humanitarian_payments_170812.pdf) and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) (http://www.treasury.gov/resource-center/sanctions/Programs/Documents/iran_guidance_earthquake.pdf) have published clarifying guidance on providing humanitarian assistance to Iran. Pursuant to the various EU […]

GFSC AML/CFT Feedback – In July the GFSC published AML/CFT feedback, which can be found below. The purpose of the feedback is to provide industry with a summary of findings from on-site inspections, which may prove useful to businesses when identifying and managing risks and in considering their AML/CFT policies, procedures and controls. 10 Sep […]

Lord Goldsmith attacks Austria’s ‘unfair’ treatment of UK businessman 5 Sep 2012 €100m bail demand issued to Julius Meinl was excessive, says former attorney general A British businessman is receiving “harsh and unfair treatment” from the Austrian legal authorities, his lawyer, Lord Goldsmith QC, has told the foreign secretary. The former attorney general wrote to […]

Guernsey puts RDR plans on ice 5 Sep 2012 Guernsey will not be introducing its own version of the Retail Distribution Review until assessing its impact on the UK, Money Marketing understands. The Guernsey Financial Services Commission, which regulates Guernsey’s financial services industry, consulted on the disclosure of commission and professional qualifications last year and […]

Control of Borrowing (Amendment No. 15) – States of Jersey – 5 Sep 2012 Article 2 of the 1947 Law provides that the Minister for Economic Development may, on the recommendation of the Jersey Financial Services Commission (the “Commission”), make Orders for regulating various transactions and acts. The Control of Borrowing (Jersey) Order 1958 (the […]

Global Witness calls for action to end hidden company ownership in light of money laundering accusations 5 Sep 2012 Global Witness is today revealing evidence that numerous UK companies appear to have helped facilitate a major money laundering scandal centred on a bank in Central Asia. Grave Secrecy (http://www.globalwitness.org/library/grave-secrecy), launched today, shows how urgent action […]