Ethics and governance in the European Financial centers

Since the begining of the year, several cases of money laundering were in the media in Malta and the justice is doing its job.

See recent articles from The Malta Independant:

Another Panamanian national was charged yesterday with money laundering involving a sum of about Lm10,000. (31/03/07)

Court: First case of money laundering in the Criminal Court: Woman jailed for six years (30/03/07)

Court: Foreigner charged with money laundering (29/03/07)

Four face £1.4m in money-laundering charges (20/01/07)

Court: Criminal Court imposes stiffer bail conditions (05/01/07)

For the first time, an unhappy candidate for a licence of banker that did not accept the decision of the CSSF that contested his professional standing went to the administrative jurisdiction and won (Judgement dated 26 March).

The decision of the tribunal may be the consequence of a lack of transparency of the CSSF in its criteria to assess the professional standing and therefore the banker was able to demonstrate that the decision was not fair.

Source Land, dated 30 March 2007

The Commission has yesterday published a paper to update industry on progress in finalising the Money Laundering (Jersey) Order 200- (“Order”) and Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism (“Handbook”).

The paper sets out:

- a timetable for finalising the Order and Handbook;
- areas where the Commission expects regulated businesses to begin preparations; and
- the Commission’s policy in a number of key areas raised during the consultation process in 2006.

-Ends-

For further information please contact: -

Andrew Le Brun
Director, International & Policy
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001
Email: a.lebrun@jerseyfsc.org

Notes to Editors.

1. Consultation Paper No. 4 (Handbook for the prevention and detection of money laundering and the financing of terrorism) was published by the Commission in May 2006.

2. The Commission published a feedback paper on Consultation Paper No. 4 in November 2006.

3. See: http://www.jerseyfsc.org/the_commission/anti-money_laundering.

4. Implementation of the Order and Handbook is part of a series of measures that are underway in order to implement the Financial Action Task Force’s 40+9 Recommendations – compliance with which will be assessed by the International Monetary Fund in 2008.


See original press release