Failing to report suspicions - a sad but cautionary story as a financial service professional losses their livelihood
20/03/2022
A Jersey financial services business summarily dismissed an employee for gross misconduct for failing to escalate his suspicions of tax evasion (and/or having reasonable grounds to suspect money laundering).
His claim for unfair dismissal has just been rejected by the Jersey tribunal in a public decision (link below), describing it as a "sad but cautionary story".
In this case, a professional has lost his livelihood at the latter end of his career as a result of falling short of the scrupulous attention to the processes of protection against money laundering that employers, the law and the well-being of the Island demands of all those in positions such as his.
It is a sad but cautionary story but a good reminder to avoid getting "caught in a trap" and report!
read the judgement - https://www.jerseylaw.je/judgments/tribunal/Pages/[2021]TRE107.aspx
Tribunal key facts
- This is a claim for unfair dismissal brought by the Claimant (Mr. Dowling) against Concentric Analytics Ltd (“the Company”).
- The Company employed Mr. Dowling as an investment adviser.
- The Company was the employing entity, but in practice Mr. Dowling was providing services on behalf of, and representing, Concentric Financial Services Limited ("CFSL") and references in this judgment to the Company effectively incorporate reference to CFSL alongside the Company.
- CFSL provides financial services to the public and is regulated by the JFSC.
- Dowling has decades of senior experience within the financial services industry.
Tribunal conclusion
- In this case, a professional has lost his livelihood at the latter end of his career as a result of falling short of the scrupulous attention to the processes of protection against money laundering which employers, the law and the well-being of the Island demands of all those in positions such as his.
- It is a sad but cautionary story.
- That being so, I have considered it useful to set out matters in more detail than might usually be desirable.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.