Facing up to public scrutiny

All areas of the legal and financial services industries are currently seeing unprecedented levels of attention from politicians and others.

Internal whistleblowers:

The Fifth Circuit was the first federal court of appeals to examine the extent to which the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 protects internal whistleblowers, or those who report violations of the securities laws to their supervisors rather than directly to the SEC, from retaliation 

 

Preventing conflicts of interest

Earlier this year, PwC was heavily fined by New York’s Department of Financial Services for “improperly altering” its sanctions and anti-money-laundering report for Bank of Tokyo Mitsubishi. This recent “whitewashing” case has reopened the ethical question concerning the way in which independent consultancy firms ...

 

Countering money laundering: Asian update

As more and more bank scandals are surfacing in the financial capitals of London and New York, Singapore seeks to implement tougher rules and strengthen existing standards as regulators move to safeguard and reinforce the reputation of Singapore’s fast-growing financial service sector.

 

 

Reforming the civil legal process

Sidebar Information:Just being civil – recent procedural reforms in other business hubsLike other jurisdictions, such as Ireland, Singapore and Dubai – which have sought...

The newly enacted Foreign Account Tax Compliance Act and its potential impact

 These new rules can affect both United States persons and foreign entities in significant ways and will have a direct impact upon all members of the Cayman financial industry whether they are trust companies, banks or investment funds.  

Money laundering and financial crime:

It does not take long for a visitor to the Caymans to realise that the 1993 film The Firm still arouses the ire of those in the Cayman financial sector. Even today in certain circles Cayman is synonymous with money laundering and other financial misdeeds. Others however recognise that Cayman is far from the world’s money laundering haven and is in fact exploited by fraudsters because of its record of political and financial stability.

Proposed US federal tax legislation – impact on Cayman Islands captives

 There are a number of bills that have been introduced in the US Congress that, if enacted, could impact Cayman Island domiciled captives and/or their shareholders or affiliated group

In defense of the British Empire

Would the world have been better off if there had never been a British Empire?  Would North America have been better off if it...

Financial internships and the Foreign Corrupt Practices Act

American regulators have recently been scrutinizing financial institutions’ internship programs for potential violations of the Foreign Corrupt Practices Act.1 The United States Securities and Exchange Commission recently announced its first internship-related FCPA settlement with Bank of New York Mellon Corp.  

 

Cayman Islands approved stock exchange regime


Most investors and traders can spend their entire lives without stepping foot on the floor of a major stock exchange, but it’s hard to imagine functional markets without them. A stock exchange is a hub where buying and selling of stocks takes place...

 

Does your country have one?

In February 2012 FATF published its revised International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation where Recommendation 1 and its Interpretative Notes referred to the need for countries to conduct and produce an assessment of the risks, to update that assessment and to make it available. 

 

Public interest: Who, what and why?

 When I was first asked if I had joined Pinterest, an online pin board, I was surprisingly sparked. Looking back it was probably my subconscious recollection of the wonderful times I spent years ago musing over the definition of public interest. 

The emergence of offshore renminbi (RMB): An alternative currency

Offshore RMB attracted widespread attention during 2011 as a result of a number of factors coming together including the PRC government’s loosening currency control, growing offshore RMB cash reserves, improved liquidity, the emergence of a RMB debt market in Hong Kong...

The current financial crisis and the lessons for Basel 2

In this article we look at the implications of this battering on capital regulation. We look specifically at the Basel 2 framework in the course of implementation around the world; some have questioned whether the new approach is still relevant and whether the crunch has shown it to be misguided.

Change agent: The case for sanctions

In Tunisia, Egypt, Libya, across the Middle East and North Africa a “wave of revolutions” raises cries for freedom and democracy. In their wake, the global community sweeps in sanctions to support citizens and help suppress oppressive regimes. Will they work? Will they impact your organisation?

Sir Allen and me

The court-appointed lawyers defending R Allen Stanford in January 2012 in a federal trial in Houston chose to take, somewhat naively, the legal tack of blaming others for what prosecutors charge Stanford himself orchestrated.  

 

 

Lessons learned from PSI report:

Much has been written, including the 300-page US Senate Subcommittee report itself, on the AML issues at HSBC. This writing includes front page news articles in major news publications, which gets management’s attention.   

 

Will “cost savings” now constitute proceeds of crime under United States legislation?

It is a principle now firmly established that the proceeds of criminal offenses are interdicted in two key ways. First, they may be seized by the state, through some form of criminal and/or civil forfeiture. Second, handling the proceeds will constitute the separate crime of money laundering.

FATCA: Has Cayman orphaned its trusts?

Some, maybe. But they weren’t part of the real Cayman family anyway. And they won’t be homeless: Either another FATCA partner jurisdiction will adopt them or, as a last resort, Uncle Sam will.

 

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