Archive for the ‘General News & Cases’ Category
Landmark decision in Shah v HSBC Private Bank brings welcome relief for firms
After four and half years, six reported decisions, three trips to the Court of Appeal and 27 days of trial, the High Court of Justice has today dismissed in its entirety Mr Shah and his wife’s claim for over US$300m against HSBC Private Bank (UK) Limited. This is a landmark ...
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 ...
Identifying counterfeit euros
Identifying counterfeit euros - consultation decision HM Treasury (HMT) have published the results of their consultation on the UK's implementation of European Union (EU) Regulations 44/2009 and 45/2009, requiring Currency Exchange Offices and Money Transmitters to have procedures in place selectively to check euro notes and coins using an approved method. Following ...
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 ...
