seminar - why financial crime compliance and risk management fails

 

Log In | Subscribe | | |

Solicitors in England and Wales have been issued with a new Practice Note (a non-binding guidance) relating to the use of social media including sites such as Twitter and Facebook. It reveals a fascinating insight into the ways in which supposedly transient media can trip up the unwary, and not just lawyers.

CoNet Section: 

An English solicitor has been struck off the Roll following "gross recklessness." He acted in a land-banking scam.

CoNet Section: 

London and Hong Kong: 26 November 2011 : 04:00 GMT

The Anti Money Laundering Network is delighted to announce that its subsidiary Vortex Centrum Limited has, after several years of repeated attempts, at last gained control of the internet domain name World Money Laundering Report.com

As the riders lined up in Valencia for the start of the last race of the 2012 MotoGP season, it was difficult for them to know where to start. And so it is with this final race report of the current campaign as there are more endings than beginnings.

CoNet Section: 

The US Government seizes vehicles for a wide range of reasons: used in crime, as assets representing proceeds of crime (money laundering), smuggled vehicles, vehicles taken as payment for taxes are just some of the reasons. The vehicles are auctioned off. But the condition of the vehicles is surprising. A survey of a pending auction shows that many of them have been severely abused.

CoNet Section: 

Ocean Bank of Miami, Florida, has been issued with penalties by the Federal Deposit Indemnity Corporation, Florida Office of Financial Regulation and FinCEN in respect of a series of breaches of the Bank Secrecy Act and other anti-money laundering laws and regulations. The bank neither admits nor denies the allegations.

Japan's Honda Motors is recalling some 200,000 Stream and Civic cars after identifying a defective component in the engine bay.

CoNet Section: 

When Dubai wanted a model for its courts system for the (then) new financial centre, it chose that of the English legal system. Now the British government wants to capitalise on the standing and reputation of the UK Courts and ancillary services, including arbitration, and turn London into the world's leading "law tourism" centre.

CoNet Section: 

The USA's Securities and Exchange Commission is, understandably, delighted: yesterday, it told a Court that USD230 million held in an offshore account in the name of a fund under investigation as a possible ponzi scheme has been transferred to the SEC pending the conclusion of investigations against Highview Point Partners and the operators of the fund.

An anonymous posting, purporting to be by a solicitor in private practice, has appeared on the website of The Law Society's Gazette, the organ of the Law Society of England and Wales. If there was ever a reason to question the quality of the profession, this is probably high on the list.

CoNet Section: 

Today is the 17th May. It's Tuesday. But in the USA, even on the East Coast, it's still Monday evening. That makes the deluge of enforcement announcements that the SEC has issued in the past few hours all the more impressive. Less impressive is that some related to action more than a week ago, and in some cases in February 2011 which renders them of less value for due diligence purposes where freezing orders have been obtained.

When the UK started charging purchase tax on cars, Colin Chapman found a loophole: if he sold his Lotus cars in kit form, buyers did not have to pay the tax. Caterham Cars started their business as an early - perhaps the first - dealer for Lotus Cars, building kits of the Lotus Seven for customers who didn't trust themselves to build the car from a kit.

CoNet Section: 

As the USA's crisis over the failure of Congress to finalise a Federal budget, the US Federal Courts system is one of those on the front line. What will happen if Congress fails to solve the problem tomorrow (8 April).

CoNet Section: 

Canada is a wonderfully peaceful place - most of the time. But outlaw motorcycle gangs and widespread cannabis cultivation are omnipresent threats. No one expected to find similar problems in New Zealand - until yesterday.

As off-site storage of hard copies becomes more common - as does outsourcing of document destruction - the question of liability for loss and / or security breaches becomes ever more important. A US insurance company has designed a policy specifically for that industry.

Pages

 


 

hahagotcha