Saturday 25th May 2019
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Isle of Man resident jailed for money laundering

Rich-list man laundered £111m for Wall Street fraudster – A Times rich-list tycoon is facing 14 years in jail after being convicted of laundering £111m ($ 175 million dollars) from Switzerland to bank accounts in the Isle of Man. Trevor Baines, 69, who lives on the island, was one of three trustees dealing with assets […]

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Jailed solicitor ‘knew’ funds came from drug dealing

Jailed solicitor ‘knew’ funds came from drug dealing An award-winning solicitor has been jailed for four years for his part in money laundering the profits of a drugs racket. Shadab Khan’s career and reputation is in ruins following his conviction at Leeds Crown Court on money-laundering charges. The sentencing judge said it was ‘incomprehensible’ why […]

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FSA fine of £8 million for systems and controls breaches

FSA fine of £8 million for systems and controls breaches The FSA has fined UBS AG (UBS) £8 million (including a 20% discount) for systems and controls failures in its international wealth management business. The inadequacies in systems and controls meant that UBS was not able to prevent or detect multiple unauthorised transactions using client […]

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Two found guilty of insider dealing

Two found guilty of insider dealing Matthew Uberoi and his father, Neel Uberoi, have been found guilty of insider dealing at Southwark Crown Court. While an intern at a corporate broking firm working on takeovers and other price sensitive deals, Matthew Uberoi passed inside information about 3 companies to his father. His father then purchased […]

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FATF to review its recommendations to increase transparency

FATF to review its recommendations to increase transparency On 3 November 2009, the Financial Action Task Force (FATF) published a speech given by Paul Vlaanderen, FATF President, on 30 October 2009, in which he talked about the need to increase transparency in the area of anti-money laundering (AML). The FATF has been called on by […]

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FSA writes to compliance officers about compliance with projection rules

FSA writes to compliance officers about compliance with projection rules for non-MiFID products On 4 November 2009, the FSA published a letter (letter) that it has sent to compliance officers of firms about complying with the projection rules for non-MiFID packaged products (projection rules). The projection rules are set out in Annex 2 of Chapter […]

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IOSCO consults on mitigating private equity conflicts of interest

IOSCO consults on mitigating private equity conflicts of interest On 3 November 2009, the International Organization of Securities Commissions (IOSCO) published a consultation report on private equity conflicts of interest (consultation). Publication of the consultation, prepared by IOSCO’s Technical Committee (Committee), follows a May 2008 IOSCO report identifying potential risks emerging from the private equity […]

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HM Treasury approves Law Society’s updated anti-money laundering practice

HM Treasury approves Law Society’s updated anti-money laundering practice note On 29 October 2009, the Law Society published an updated version of its anti-money laundering practice note (note). The note, dated 29 October 2009, is intended to help solicitors comply with the requirements of the Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000 […]

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