Ethics and governance in the European Financial centers

William Fogwell and his daughter Shelley Fogwell were were condemned last Tuesday : the Court found both of them guilty of the charges against them in relation to the collapse of Hobbs Melville in 2000 and sentenced to 5 years prison. They were also fined €500,000.

Guillaume Losada, Shelley Fogwell's former boyfriend, and Jean-Christophe Moroni, a broker, were as well found guilty : the Court sentenced Losada to 18 months prison plus fined €50,000 ; the Court sentenced Losada to 1 year prison plus fined €53,000.

This is the most important scandal in Monaco with suspicion on the authorities stated in the framework of the appeal.

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Susan Grossey, from Thinking about Crime Limited, a money-laundering and financial services consultancy, was recently interviewed by Financial World. She underlined that money laundering poses many threats to individual countries’ financial systems because "the justice systems in some countries are more corrupt or less efficient than in others".

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In October 1 st 2007, the rules relating to encryption under the Regulation of Investigatory Power Act (2000) came into force. These give the police powers to demand decryption keys as part of an investigation.


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