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Next Hurdle in Treasury’s Corporate Transparency Push? Verification

The U.S. Treasury Department last month kicked off the process of establishing a long-awaited corporate ownership registry. The agency is already facing sharply diverging views on how it should work. Top of mind for financial institutions and other stakeholders is how ownership information that is submitted to the Treasury’s Financial… Read More

FCA opens investigation into collapse of Greensill Capital

The City watchdog has opened the door to a criminal prosecution of Greensill Capital and confirmed that it is investigating the failed lender. Nikhil Rathi, chief executive of the Financial Conduct Authority, said that the regulator was “investigating matters relating to Greensill Capital”. His comments came in a letter to… Read More

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

The UK High Court has ordered JPMorgan Chase to turn over compliance documents ahead of a trial in which the bank stands accused of enabling the misappropriation of $875 million from the government of Nigeria, the Financial Times reported on Tuesday. The decision stems from an… Read More

20th April 2021

Risk of Jersey’s finance industry being used to fund terrorism classed as medium to low

The risk of Jersey’s finance industry and non-profit organisations (NPOs) being used to fund terrorism has been classed as medium to low. It is the conclusion of a risk assessment report produced in response to requirements by the Financial Action Task Force (FATF), which sets the international standards on financial… Read More

5th March 2021

Jersey trust company fined $835,000 for opening ‘gateway to possible money laundering’ in Angola

By Will Fitzgibbon, ICIJ, 4 March 2021 ICIJ — A court in the Channel Islands has fined a team of accountants and economists who for years ignored “obvious” risks of possible corruption and embezzlement when providing services to an investment management company working with the government… Read More

25th February 2021

Jersey: Convicted jeweller’s shop closed and contents seized

The premises of a Central Market trader, who was convicted of laundering money from a drugs gang, has been shut down and its contents seized by the Viscount. Darius Pearce, owner of Darius Pearce Jewellers, was found guilty of three counts of becoming concerned in the acquisition, use, possession or… Read More

17th February 2021

Jersey Financial Services Commission fines firms £700,000 for breaching anti-money-laundering rules

A fine of more than £700,000 has been imposed on three Jersey-based firms owned by a multi-national bank for breaching rules designed to prevent money laundering and financial crime. The actions of a trio of S G Kleinwort Hambros companies, which were found to have made a series of compliance breaches… Read More

25th January 2021

MEPs vote to add Channel and British Virgin Islands to tax haven blacklist

The European parliament is pushing for UK overseas territories including the British Virgin Islands, Guernsey and Jersey to be added to an EU tax havens blacklist after the conclusion of the Brexit deal. Sending a signal that tougher action on tax avoidance was required in response… Read More

4th January 2021

Pakistan’s FBR initiates probe into NBP president’s alleged Jersey assets

The Federal Board of Revenue (FBR) has begun investigating incumbent National Bank of Pakistan (NBP) President, Arif Usmani, for his alleged offshore assets worth billions of rupees. Sources privy to the information told Profit that the incumbent NBP president has stashed assets worth $11,481,440, equivalent to Rs1.8 billion, in Citi… Read More

24th December 2020

Transparency International advises UK financial institutions to withdraw from Agyapa deal

Transparency International has urged the UK Financial Conduct Authority (FCA) to review the Government of Ghana’s application to list Agyapa Royalties Limited on the London Stock Exchange and reject the listing if corruption concerns are not satisfactorily addressed. According to a message cited by GhanaWeb on Transparency International’s website dated… Read More

9th November 2020

New Juan Carlos investigation widens to Jersey bank account

Juan Carlos, Spain’s exiled king, has been linked to an investigation into the transfer of millions of euros from an offshore account, part of a third corruption inquiry into his finances. Attempts to transfer funds from an active account registered in Jersey, a tax haven, were recently detected by Spain’s… Read More

20th October 2020

The AML System: A Failure of Statecraft?

Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More

6th October 2020

HSBC Ignored Jersey Fraud Warnings

A leak of data detailing alleged illegality at a Jersey trust company has revealed how corporate giants HSBC and Liberty Global appear to have failed to adequately investigate concerns over a major fraud after an heiress accused her businessman father of draining millions from trust funds set up to support… Read More

Must Read

Next Hurdle in Treasury’s Corporate Transparency Push? Verification

FCA opens investigation into collapse of Greensill Capital

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

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$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors