International News

Cyprus damned on money laundering through leaked report

Almost 60 percent of one of the bailed out Cypriot bank’s clients are “high risk” in terms of money laundering and almost a third of all bank depositors’ records contain errors, according to a leaked EU report.

The report which was published by the Cypriot website – was drawn up in April by Moneyval, a unit of the Strasbourg-based Council of Europe, and by accountancy firm Deloitte on the request of eurozone finance ministers.

09.09.09 Proposed amendments to Jersey’s Anti-Money Laundering Legislation

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.

11/03/09 Brown and tax havens – Treat ’em mean

However slowly, however piecemeal, progress is being made in forcing tax havens to become less secretive. Yesterday it was the turn of Jersey to sign an agreement with the UK that it will share information about offshore tax payments. Gordon Brown has been sounding tougher too. In his address to US Congress last week was this remarkable sentence: “How much safer would everybody’s savings be if the whole world finally came together to outlaw offshore tax havens?”