Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements. Background Crédit Agricole Corporation and Investment Bank (Appellant) v Papadimitriou (Respondent) (Gibraltar) The appeal concerned a proprietary claim to proceeds of sale from a […]

Financial services should take note – they should have to do more to spot when they are being used by criminals to launder money. A recent court decision (Crédit Agricole Corporation and Investment Bank v Papadimitriou) shows tolerance is waning for bankers claiming ignorance over why some clients go to such lengths to hide the […]