According to the OCCRP and the Guardian newspaper, some BRITISH banks are involved in the now infamous “Russian Laundromat” money laundering scheme. One such bank is the Royal Bank Of Scotland [RBS] – the amount claimed to be involved is $113.1m. They further claim Guernsey was part of the process; http://bit.ly/2nmyEp8 They have identified $149.925.00 […]Read More
Follow us on Twitter to keep up to date with the latest musings on our website.
According to a freedom of information request by the London law firm Howard Kennedy. ONLY FIVE PEOPLE have been convicted of money laundering in the ten years since the legislation was tightened. The first conviction under the new regulations was not until 2012, with four further convictions in the following three years. The FOI request […]Read More
It has been reported [http://bit.ly/2kvfduu] that some of the world’s biggest brands are unwittingly funding Islamic extremists, white supremacists and pornographers by advertising on their websites. How is this done? Simple, YouTube advertisements generate as much as $7.60 for their posters every 1,000 views; the brands were likely to have unwittingly channeled money to terrorist […]Read More
Financial Services Compensation Scheme AND Professional Indemnity Insurance – Should They be in the Same Sentence?
I was interested to read in the JFSC press release as shown here: http://bit.ly/2mWf9p0, and in particular the following statement; As Jersey does not have a financial services compensation scheme (other than for Bank Deposits), the JFSC is keen to stress to Industry that adequate PII cover is essential for protecting clients as well as the firms […]Read More
The link below is for UK Parliament re GDPR, you can download the audio and listen to it (which is what I did)
THE KEY POINTS RELATING TO C.I. ARE AS FOLLOWS EU Adequacy: only 9 territories comply so far, and it can take over three (3) years to gain compliance: USA DOES NOT COMPLY. Third Countries: The EU States cannot cooperate with third-countries that do not comply with Adequacy. The above helps in understanding why Emma Martins […]Read More
The team at Comsure thought they would see how much money UK FCA (FSA) has raised in regulatory AML fines. It seems that since 2002 the current total fine issue is approximately £269,201,500.00 – see our analysis:- http://bit.ly/2njasHc – please let us know if we have missed one or whether we have made a mistake. Ps:- Guernsey […]Read More
An insider at a Swiss bank warned Britain’s financial watchdogs that bankers in its UK office were offering services that could facilitate tax evasion and money laundering. Did the regulators turn a blind eye? The FT investigates the City’s role as a global hub for illicit finance. One Monday in March last year, an announcement […]Read More