Ethics and governance in the European Financial centers

On 12th July 2006 the Monegasque Tribunal had found William Fogwell guilty of the charges against him in relation to the collapse of Hobbs Melville in 2000 and had sentenced to 5 years prison. He was also fined €500,000. Fogwell was not in court for the sentencing and an international arrest warrant was issued against him. He was a fugitive from justice. Shelley Fogwell, the 45-year-old daughter, was also convicted of fraud charges against her. She was sentenced to four and a half years in prison and fined €300,000.
Guillaume Losada, Shelley Fogwell's former boyfriend, and Jean-Christophe Moroni, a broker, were as well found guilty and jailed and fined €100,000. Patrick Grasset, another broker, was discharged and released.

The case is being judged at the court of appeal. William Fogwell surrendered a couple of days ago at the begining of the new trial. Both Fogwells and Jean-Christophe Moroni are appealing against their conviction of embezzling 175 million euros of investors' money. But there was a major dysfunction in the Justice of Monaco and the trial has been postponed by the court until 8 June. Lawyers on both sides are accusing the Principality of delaying the case deliberately, following suggestions that officials were aware of the fraudulent financial dealings

Know more (in French)

Article 1 from Le Figaro

Article 2 from Le Figaro

Website dedicated to the case

A new European Union (EU) law obliging travellers to declare cash comes into force soon. It is being introduced to help combat money laundering, says the UK's HMRC.

As from 15 June 2007, people who are either entering the EU from a non-EU country, or are travelling from an EU to a non-EU country and are carrying 10,000 Euros or more (or the equivalent in other currencies) will be required to declare the cash to at the place of their departure from, or arrival in, the EU. In the case of the UK, the rules will be enforced by HMRC.

Forms on which to make the declaration will be available at ports or airports and will also be downloadable from the HMRC internet site. Travellers could face a penalty of up to GBP5,000 if they fail to comply with the obligation to declare, or provide incorrect or incomplete information.

Dave Humphries, Head of Criminal and Enforcement Policy (HMRC) said: "The declaration system is one means of providing information to assist HMRC in targeting movements of criminal cash more effectively."

The EU cash declaration scheme derives from European Parliament and Council Regulation No. 1889/2005 and comes into effect in all EU Member States on 15 June 2007. "Cash" not only means currency notes and coins but also bankers'
drafts and cheques of any kind (including travellers' cheques).

The declaration form will be produced with a carbon backed top copy so as to allow travellers to have a duplicate, which officers of HMRC may ask them to produce as evidence of having made a declaration.

HMRC officers will not detain properly declared cash if they have no reason to doubt its legitimacy. However, cash may be seized under the Proceeds of Crime Act 2002 if an officer has reasonable grounds to suspect that it is either the proceeds of, or is intended for use in, unlawful conduct.

Source Tax-news.com