Monday 22nd April 2019
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Comsure operates in:the UK, Jersey, Guernsey

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SRA AML audits: be prepared

The Solicitors Regulation Authority (“SRA”) confirmed in March that it will be writing to a “large number” of firms (400) asking to see evidence of compliance with the Money Laundering Regulations 2017 (“MLR 2017”). A failure to respond to the SRA request can have regulatory and criminal consequences. This action is taken under powers set out in the SRA […]

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FCA warns GIMB firms (April 2019) in general insurance distribution chains to put customers at the heart of their business models

The FCA has published a number of materials relating to its work on the general insurance (GI) sector:   A thematic review report (TR19/2), which sets out the key findings from the FCA’s thematic work on the GI distribution chain, its expectations and next steps. https://www.fca.org.uk/publications/thematic-reviews/tr19-2-general-insurance-distribution-chain   A guidance consultation (GC19/2) on proposed non-Handbook guidance […]

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Bank’s costly criminal error highlights the importance of following due probate process in Jersey

Jersey firms are warned to review their procedures within their businesses relating to probate procedures. In the recent case of The Attorney General v Abu Dhabi Commercial Bank PJSC, Jersey Bank, the Royal Court found a bank guilty of committing a criminal offence and fined the bank for not obtaining the necessary authorisation before transferring […]

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Jersey trust exposed in a UK tax avoidance scheme – what will Jersey’s response be

As highlighted earlier by Comsure https://www.comsuregroup.com/jersey-trust-named-in-non-disclosed-dotas-scheme-during-hmrc-victory-against-tax-avoidance-promoters/ HMRC won £40 million battle against tax avoidance promoters – HM Revenue and Customs has won a legal case over tax avoidance scheme promoter Hyrax Resourcing Ltd, which will help the tax authority collect over £40 million in unpaid taxes. Unfortunately, the scheme relied on an offshore trust in […]

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Jersey updated codes of conduct expected on 1st June 2019

  You may be interested in the publication of the JFSC Feedback Paper on Consultation Paper No. 10 2018 (Part 1) – Amendments to Codes of Practice.  This feedback paper relates to a consultation on proposals regarding maintenance amendments, amendments to address regulatory concerns and to ensure compliance with international regulatory standards and consideration of […]

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Backdating of Documents Revealed in Jersey Court Proceedings

Berge Gerdt Larsen (read here for some background https://www.ardentchambers.com/howard-sharp-qc-secures-larsen-and-volaw-tiea-judgment-in-jersey-court-of-appeal/) is back in the Jersey courts, and in reading through the judgements, there are some interesting revelations (under oath) about the behaviour of Jersey directors. In the reported judgement [click here https://www.jerseylaw.je:443/judgments/unreported/Pages/%5B2019%5DJRC040.aspx] the following is cited Mr Larsen was convicted of aggravated tax fraud using offshore […]

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Kenya and Jersey to thrash out extradition of alleged criminals in long-running bribery case

KENYAN director of Public Prosecutions Noordin Haji is set to make a trip to the Island of Jersey over the fraud and money laundering case against ex-Nambale MP Chris Okemo and former Kenya Power and Lighting Company Chief Executive Samuel Gichuru. The two are accused of abusing their offices by using proxy companies to squander […]

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Jersey trust named in non disclosed [DOTAS] scheme during HMRC victory against tax avoidance promoters

The successor to the infamous Jimmy Carr ‘K2’ scheme has just surfaced following a decision by the First Tier Tribunal which found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations. With striking similarities in the way it was marketed and operated to K2 the scheme, […]

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