Archive for the ‘International News’ Category
09.09.09 Proposed amendments to Jersey’s Anti-Money Laundering Legislation
Posted by: BTC in International News on September 9th, 2009
The Jersey Financial Services Commission has published a consultation paper concerning proposed amendments to the ‘Money Laundering (Jersey) Order 2008’.
The Money Laundering (Jersey) Order 2008’ requires Regulated businesses to apply policies and procedures for the prevention and reporting of money laundering. These include policies and procedures for customer due diligence, record keeping, and reporting ‘suspicious activity concerning money laundering and terrorist financing.
Businesses that form the regulated sector include banks and financial institutions, money service businesses, trust and company service providers, law firms, accountants, and estate agents.
This amendment order has been made necessary in the light of some technical points that have been raised in a recent review of the Jersey framework for the prevention and detection of money laundering and terrorist financing conducted by the International Monetary Fund (IMF).
Among the proposed amendments, the paper also considers the possibility of extending powers to the Minister for Treasury & Resources to apply countermeasures where the Financial Action Task Force (FATF) issue recommendations. This may in be respect to countries or regimes that have weak or nonexistent anti-money laundering and the combating of terrorist financing legislation.
The Jersey Financial Services Commission explained on Monday that the main effects of Amendment No. 4 would be to:
- Clarify the application of customer due diligence measures to trusts and other legal arrangements;
- Clearly set out the records that a Money Laundering Compliance Officer and Money Laundering Reporting Officer must have access to in order to carry out their statutory functions;
- Require particular attention to be paid to implementing policies and procedures that are sufficient to prevent and detect money laundering and terrorist financing in subsidiaries and branches that are situated in countries and territories that do not, or insufficiently apply, the Financial Action Task Force Recommendations;
- Restate the requirement that customer information must always be collected before a relationship is established – where a customer is introduced by one business to another; and
- Amend the scope of some of the concessions that may be used when applying due diligence measures to a customer who is considered to present a low risk of money laundering or terrorist financing.
The proposed amendments have been discussed with the Commission’s Steering Group for the Prevention and Detection of Money Laundering and Terrorist Financing.
Visit the BTC website for compliance help and support for firms in the regulated sector
04.09.09 Netherlands Concludes TIEAs With Caribbean Islands
Posted by: BTC in International News on September 4th, 2009
In a further tightening of the net for international tax evasion, the Netherlands Ministry of Finance has announced the signing of tax information exchange agreements (TIEAs) with three Caribbean territories.
The agreements with St Kitts and Nevis, and the TIEAs with Antigua and Barbuda and St Vincent and the Grenadines, were all signed on the sidelines of the recent OECD forum.
The conventions contained with the agreements, will allow the exchange of fiscal information between the tax authorities in the case of tax crimes, and in civil tax matters.
The Netherlands Ministry of Finance noted that the agreements marked a significant step in combating tax evasion, fraud, money laundering and the financing of terrorism, as cooperation between the Netherlands and the Caribbean islands will be significantly enhanced with regard to tax matters.
The Dutch Finance Ministry revealed that it had also reached agreements for the text of further TIEAs with two more jurisdictions, namely, the Cook Islands and Samoa and that it also expects to sign a double tax treaty with Bahamas that will incorporate the internationally-agreed standard in due course.
Visit the BTC main site for more information of money laundering compliance in the regulated sector.
25/02/09 India poised to have FATF entry approved
Posted by: BTC in International News on February 25th, 2009
New Delhi: A Bill aimed at effectively combating money-laundering, terror financing and cross-border economic offences was passed by Parliament on Tuesday, with the Lok Sabha approving the measure.
The Prevention of Money Laundering (Amendment) Bill, 2009, passed by the Rajya Sabha last week, seeks to ensure a legal framework to check such crimes. Winding up a discussion on the Bill in the Lok Sabha, minister of state for finance PK Bansal assured the House that the government would not be found wanting in taking action against those indulging in money-laundering. The new law seeks to check use of black money for financing terror activities.
Financial intermediaries like full-fledged money changer, money transfer service providers such as Western Union and International Payment gateways, including VISA and MasterCard have also been brought under the ambit of The Prevention of Money-Laundering Act.
Consequently, these intermediaries, as also casinos, will be brought under the reporting regime of the enforcement authorities. It would also check the misuse of promissory notes by FIIs, who would now be required to furnish all details of their source.
Bansal said the Act would check misuse of “proceeds of crime” be it from sale of banned narcotic substances or breach of the Unlawful Activities (Prevention) Act.
The passage of the Prevention of Money Laundering (Amendment) Bill, 2009 will enable India’s entry into Financial Action Task Force (FATF), an inter-governmental body that has the mandate to combat money laundering and terrorist financing.
The Bill, after becoming an Act, will address India’s international obligation and empower the enforcement directorate to search the premises immediately after the offences are committed and police have filed a report.
Visit the BTC website for compliance help and support for firms in the regulated sector.
25/02/09 Garda fraud officers continue Anglo probe
Posted by: BTC in General News & Cases, International News on February 25th, 2009
THE Garda Fraud Squad raid on the offices of Anglo Irish Bank was unprecedented and could lead to criminal prosecutions, according to legal experts.
On Monday, a judge in Dublin’s District Court granted officers from the Garda Fraud Squad permission to enter three separate premises of Anglo Irish Bank and take possession of any books or documents, including permission to preserve and prevent interference with any material information seized by up to 20 officers working with Ireland’s corporate enforcer.
It was the first time that the Office of the Director of Corporate Enforcement (ODCE) has ever sought permission from the courts to search the premises of a financial institution under investigation for possible breaches of company law.
The rarely used section 20 of the Companies Act 1990 has previously only been brought to bear against individuals.
Last night, the ODCE refused to disclose the reasons for its application to the District Court, citing “operational reasons”.
The warrant is valid for a month but gardai can retain any documents seized for an unlimited period of time, following changes in the law in 2005.
Breaches
Legal experts have said that a series of possible prosecutions could result from the ODCE investigation including charges relating to the failure to keep proper books of account and breaches of rules relating to directors’ loans. The ODCE can also investigate possible offences where an individual who is financially interested in the success or failure — or the apparent success or failure — of the bank, sought to influence the bank’s policy.
The investigation of ownership of shares or debentures, including their acquisition, disposal or transfer, may also constitute grounds for seeking a warrant.
The new acting chief executive of the Financial Regulator, Mary O’Dea, has been working closely with the ODCE and exchanging information on matters relating to Anglo Irish Bank.
This includes an investigation into all loans and other benefits provided by the nationalised bank to its directors and the unwinding of a major Contracts for Difference (CFD) position held by businessman Sean Quinn.
Visit the BTC website for compliance help and support for firms in the regulated sector.
