News

Paris, 18 July 2018 -While corporate vehicles, such as companies, foundations, partnerships, and other types of legal persons and arrangements are important for supporting commercial and entrepreneurial activity, they can also be misused to conceal the ownership and control of illicitly gained assets. A new joint FATF-Egmont Group report assesses the vulnerabilities linked to the […]

Update – Phase II of the JFSC’s Supervisory Risk Data Collection Exercise – 17 July 2018 Following our email to you last month informing you that we would be deferring Phase II of our Supervisory Risk Data Collection Exercise, we now provide you with an update on our revised timings and approach. Responding to Industry’s […]

  Photography: Dado Ruvic As the global use of cryptocurrencies continues to gather momentum, what are the potential risks and implications for compliance professionals and how can they stay a step ahead of money launderers? Criminal networks are adept at exploiting loopholes in regulations, making the risk of cryptocurrency-related reputational fall-out very real.  Regulation of […]

Banks operating in the Baltic nation of Estonia may have laundered considerably larger sums than first thought. Estonian police now estimate that bankers in their country were involved in suspicious transfers of money and securities, mainly from Russia, totaling more than $13 billion from 2011 to 2016. Danske Bank Rebuked by Government as Laundering Scandal […]

The Jersey Financial Services Commission (JFSC) has today issued a guidance note containing information about our approach to ICO activity. ICOs are a digital way of raising funds from the public using distributed ledger technology. The guidance note details the JFSC’s approach to businesses that wish to launch an ICO in Jersey. The note sits […]

  Writing in the Financial Times, Mr Hammond said the long-awaited white paper would allow the City to “flourish” despite abandoning his original “mutual recognition” plan, which would have allowed financial services easier access to the European Union. It comes after City of London Corporation policy chairman Catherine McGuiness said the Brexit white paper was “a […]

  Arnold Bengis is a 79-year-old South African-born businessman making the most of his twilight years. He’s a benefactor and a philanthropist, giving generously to Jewish causes in Israel. He is a doting grandfather and after two failed marriages has found romance while living in London. He is active on Facebook. In getting here, Bengis […]

The Jersey Financial Services Commission (JFSC) has today announced that, after 12 years in the role, John Harris is to retire as Director General due to personal health reasons and the risk of burnout. Following two periods of medical absence this year to manage stress-related concerns, the Board of Commissioners has accepted and fully understands […]