United Kingdom and Isle of Man to sign enhanced tax information exchange agreement The Government is to sign a tax information sharing agreement with the Isle of Man which will provide HM Revenue & Customs (HMRC) with a range of additional information about potentially taxable income in Manx bank accounts. This is part of a […]
The Government today published its response to its consultation on changes to the Money Laundering Regulations 2007. Following this consultation the Government is now taking forward proposals to reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime.
A Memorandum of Understanding between HMRC and the FSA was published on the FSA website on 1 June 2012. It’s about sharing information and joint visits. This will be of particular relevance to many money services businesses whom are supervised not just under the Money Laundering Regulations by HMRC but are also the FSA by […]
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 decision that confirms a bank’s […]
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 they were vulnerable to […]
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 due diligence remain […]
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 by various groups who feel […]
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 governments to combat these crimes.
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 the consultation, the […]