Author Archive
Coutts fined for failings in money laundering controls
Private bank Coutts has been fined £8.75m by the Financial Services Authority (FSA) for not taking adequate measures to prevent money laundering. The FSA said the failings "resulted in an unacceptable risk of Coutts handling the proceeds of crime". The findings related to high-risk people, especially those whose political positions meant ...
Money Laundering Scam Alert
Money Laundering Scam Alert Some commercial electronic verification companies may contact you stating that all client due diligence verification must now be done electronically making paper copies no longer acceptable. This is just a marketing ploy and is not correct in any shape or form. The law and guidance on conducting client ...
Revised FATF Recommendations
The long awaited revised FATF Recommendations on International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation was finally published on 16 February. Following several rounds of consultation the revised Recommendations contain no real surprises in the publishes outcome, but a lot of disappointment has been aired ...
FATF Release new guidance
The Financial Action Task Force, the global standard-setter in the fight against money laundering and terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 ...
ICAEW Disciplinary Consent order made on 3 October 2011
The followng consent orderwas made by the ICAEW investigation committee With the agreement of Richard Braysher of 2 High Road, Eastcote, Pinner, Middlesex, HA5 2EW, the Investigation Committee made an order that the member be severely reprimanded, fined £5,000 and pay costs of £1,280 with respect to a complaint that: 1 Between ...
Shah v HSBC: Court of Appeal Says the Identity of Staff Making SARs in Good Faith is Not Disclosable
Shah v HSBC: Court of Appeal Says the Identity of Staff Making SARs in Good Faith is Not Disclosable The Court of Appeal in London ruled on 13 October that HSBC Private Bank did not have to disclose the identity of employees who had made internal reports which had led to ...
Former ATT President Charged With Tax Fraud
[caption id="attachment_501" align="alignleft" width="370" caption="Former ATT President"][/caption] Andrew Meeson, the former President of the Association of Taxation Technicians and three of his business associates who administered a pension scheme, have been charged with stealing £5million through a tax fraud ...
01.09.11 Money Laundering Regulations cease to apply to stocktakers from 1 October 2011
As part of its review of the Money Laundering Regulations and in order to ensure its effective and proportionate implementation by businesses in the UK, the Treasury has reviewed the risk of money laundering and terrorist finance with HMRC and the Institute of Licensed Trade Stock Auditors. As a result the ...
11.07.11 Solicitor Jailed For Corruption
A Henley-on-Thames based solicitor is serving a 16 month prison sentence for abusing his professional position. James Thorburn-Muirhead was sentenced on 29th June after a SOCA investigation revealed his links to a drug dealer, his involvement in the theft of clients’ monies and his failure to disclose information under the Suspicious ...
07.06.11 HM Treasury Publish MLR Review
HM Treasury published its response to the review of the Money Laundering Regulations 2007. It is a consultation document requiring responses to be submitted by 30August 2011. It separates itself from the obvious areas from which FATF will review their 40 recommendations such as PEP’s and expansion of the regime. These ...
