Businessman Anatoly Kazachkov is being investigated after £7m suspicious transfer from Hungary to Royal Bank of Scotland. Prosecutors have seized £6.5m from a Russian businessman who allegedly tried to use a Scottish bank to launder money, it emerged today. The cash confiscated from Anatoly Kazachkov, 64, a Moscow-based businessman linked to several British financiers, is […]

Consultation Paper on Amendments to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as Amended – This consultation paper proposes amendments to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the POI Law”). The Commission is seeking comments from interested parties on the proposals in this paper. The proposals outlined in […]

Recent FCPA and anti-corruption news highlights the ever-growing importance of effective FCPA compliance programs – There has been a flurry of important Foreign Corrupt Practices Act (FCPA) and other anti-corruption enforcement news in recent days. All the trends we identified in recent alerts and Proskauer’s International Practice Guide[1] can be observed in this enforcement activity, […]

The regulatory environment has become steadily ever more pervasive and complex since the whole concept of “regulation and compliance” was born in the late eighties and early nineties. Since then financial services businesses (“FSBs”) have faced a growing tide of laws and regulations with which they have to comply in order to do business. Trust […]

The Financial Services Authority (FSA) has imposed a financial penalty of £140,000 on Alpari (UK) Ltd (Alpari), an online provider of foreign exchange services for speculative trading, for failing to have in place adequate anti-money laundering systems and controls. Its former money laundering reporting officer (MLRO), Sudipto Chattopadhyay, has also received a financial penalty of […]

On 29 April 2010, the Financial Action Task Force (FATF) published a report entitled, “Combating Proliferation Financing: A Status Report on Policy Development and Consultation” which is dated February 2010. The paper was prepared for FATF’s working group on terrorist financing and money laundering by its project team on proliferation financing. The paper outlines the […]

On 29 April 2010, the Financial Ombudsman Service (FOS) published issue 85 of Ombudsman News. Items of interest in issue 85 include: Case studies on banking, insurance and investment complaints from consumers living in rural communities. Q&A on the FOS’s new standard forms for payment protection insurance (PPI) complaints which were published in March 2010 […]

On April 9, 2010, the heads of the multilateral development banks — the World Bank and the Regional Development Banks (the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and the Inter-American Development Bank) — signed an agreement to cross-debar firms and individuals found to have engaged in fraud or corruption […]