27th May 2016
A bill that will seek to prevent money launderers and terrorist financiers from using non-financial services-related businesses in the Cayman Islands to carry out their illicit deeds is expected to come before lawmakers in the fall, Financial Services and Commerce Minister Wayne Panton confirmed this week. Read More
26th May 2016
Financial Markets Authority chief executive Rob Everett is giving the market watchdog a pass mark as it nears the end of its establishment phase and starts taking a closer look at ensuring firms' conduct is up to scratch. Read More
25th May 2016
On Wednesday, the Swiss financial regulator effectively ordered the liquidation of Lugano-based BSI private bank following “serious breaches of money laundering regulation”. This is by far the most radical action taken thus far by the authorities. Read More
25th May 2016
Private Swiss bank BSI, which has been ordered to close its operations in Singapore, has been slammed by its own regulator for failing to adequately monitor its relationship with Malaysian sovereign fund 1Malaysia Development Berhad. Swiss Financial Market Supervisory Authority, FINMA, accused the bank of committing "serious breaches of money laundering regulations" and "fit and proper" requirements. Read More
As scrutiny around governments’ investments increases following the 1MDB saga and the release of the Panama Papers, will SWFs, governments, or national regulators be persuaded of the need for a wide-ranging drive towards greater transparency? Read More
24th May 2016
Jersey's efforts to crack down on money laundering have been praised by a European Council watchdog. Read More
24th May 2016
EFG International AG’s takeover of BSI was approved by Swiss regulator Finma after the watchdog found that BSI had acted in serious breach of money-laundering rules in connection with Malaysia’s 1MDB fund. Read More
23rd May 2016
A major overhaul of Bermuda’s laws on bribery, corruption and fraud has been unveiled by Attorney-General Trevor Moniz. Read More
23rd May 2016
Legislative drafting experts from across the Pacific met law enforcement officials in Auckland last week to revise the Pacific Island Forum's model provisions on combatting terrorist financing and money laundering. Read More
20th May 2016
Bermuda Government will modernise the island’s laws relating to bribery and corruption. Attorney General Trevor Moniz told the House of Assembly that new legislation, based on Britain’s Bribery Act, would be brought forward. Read More