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It's probably not a great idea for me, an English solicitor (retired) to be publicly harsh about my professional body. But, seriously, is the Law Society of England and Wales contrary or comatose? It really just does not "get" money laundering risks and its latest attempt to update its guidance demonstrates that its attitude is, simply, retarded.

CoNet Section: 

A US Judicial Conference Committee has updated the model set of jury instructions federal judges use to deter jurors from using social media to research or communicate about cases on which they serve. The new guidelines provide detailed explanations of the consequences of social media use during a trial, along with recommendations for repeated reminders of the ban on social media usage.

CoNet Section: 

The Solicitors Regulation Authority, which regulates solicitors in England and Wales, is to cease development of a database of retired solicitors who wish to remain on the Roll. Apparently, the Roll a costa lot.

CoNet Section: 

In Washington's hallowed halls, the bank favoured by diplomats of many nationalities - as well as many Senators, Congressmen and government officers was an old bank with the kind of values they liked to be associated with.. Riggs Bank was nice, comfortable and did what banks do in a rather courteous and gentlemanly manner.
Except that it had a dark side...

BIScom Subsection: 

The Securities and Exchange Commission today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that it did not request and that AMC did not provide. The total cost to the company in the USA? USD3,125,000.

The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

BIScom Subsection: 

The bribery was the least of the worries of California lawyer Alfred Nash Villalobos, 46. It was the reason he was paid USD50,000 that really annoyed prosecutors and the Judge.

CoNet Section: 

The Securities and Exchange Commission obtained, on 25 June 2012, a temporary restraining order and asset freeze against Wayne L. Palmer and his firm, National Note of Utah, LC alleging that he operated a real estate-based Ponzi scheme that bilked USD100 million from investors nationwide. Yet banks continued dealing with him.

BIScom Subsection: 

Operation Cross Country is an FBI initiative conducted with local police forces across the USA. In the past three days, more than 100 pimps have been arrested and 79 juvenile prostitutes "recovered."

Thursday 14 June 2012

Mr John Mansfield comments on Flash Dany departs Lotus

Sir

I have just read your article on Dany Bahar and his departure from Lotus. It was nice to read an article on the subject that was balanced and made sense.

Good work. Keep it up.

John Mansfield

Dany Bahar has been fired from Lotus. No one is saying exactly why, at least not in public. But it all comes down to two things: money and ambition.

CoNet Section: 

The SAAB saga (no, that's not a new model) is still not over, despite news that a sale has been arranged.

CoNet Section: 

Dewey Ballentine was one of the bluest of blue chip law firms. LeBoeuf, Lamb, Greene & MacRae was an upstart that grew rapidly and gathered large clients like a farmer gathers hay. In 2007, the firms decided to merge creating Dewey & LeBoeuf, one of the largest law firms in the world. Yesterday, it put itself into the hands of receivers under the USA's Chapter 11 provisions.

CoNet Section: 

Users who downloaded copies of Angry Birds and other software for their mobile phones from websites other than Google's Play (formerly Android Market) have in some cases found themselves being charged GBP15 every time the open the app on a phone.

CoNet Section: 

ON 21 May 2012, the U.S. Department of the Treasury announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Treasury took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership.

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