Three men have been charged with conspiracy to defraud investors in an alleged investment fraud related to electrical contracts in the hotel sector. The three men; Jolan Marc Saunders, Michael Dean Strubel, and Spencer Mitchell Steinberg were charged in connection with Saunders Electrical Wholesalers Limited, for making false representations that the company had high value contracts […]

 The European Commission have published a speech by Cecilia Malmström on ‘Anti-money laundering as part of the fight against organised crime’. During the speech Ms Malmström outlines a number of AML initiatives for the coming year. Of particular interest Ms Malmström said that the final decision had yet to be made on whether to propose a […]

 The European Parliament’s special committee on organised crime, corruption and money laundering, has  published a draft Interim Report on organised crime, corruption, and money laundering.  This sets out a motion for a European Parliament resolution on recommendations on actions and initiatives to take in relation to corruption, money laundering and organised crime: such as:   When […]

The Financial Action Task Force (FATF) has published a statement made by Bjorn Aamo, FATF President. Mr Aamo welcomed the European Commission’s proposed Fourth Money Laundering Directive (MLD4), which he considers is broadly consistent with the FATF’s February 2012 revised recommendations. He hopes MLD4 will be adopted in the near future. Mr Aamo also commented on […]

 The Financial Action Task Force (FATF) has  published a National Money Laundering and Terrorist Financing Risk Assessment. The guidance is intended to assist countries conduct risk assessments at a country or national level. The principles described in this guidance are also relevant to more focussed risk assessments, for example of a particular financial sector.  The guidance […]

 HM Treasury has published a revised financial sector advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The notice contains advice issued by the Treasury about risks posed by unsatisfactory anti-money laundering and counter-terrorist financing controls in a number of overseas jurisdictions. The main changes from the last notice issued by HMT […]

An Edinburgh solicitor has been jailed for four years for his role in the laundering of £1.8m. Richard Housley was also convicted of income tax fraud and a separate charge under POCA. Housley, the senior partner and MLRO, helped launder the money for Michael Voudouri, who pleaded guilty, but failed to turn up for the sentencing […]

 George Osborne to shrug off criticism that he is putting too much power into the hands of the Bank of England governor, reports the Guardian. The chancellor will pledge on Tuesday to secure a “strong, safe and successful” financial industry for the UK as he tears up Labour’s regime for City regulation and puts the […]