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The New UK Financial Services Regulatory Architecture
03 Feb 2012
The UK Financial Services Bill was published on 27 January 2012. It is the latest stage in the development of the proposed new UK regulatory architecture. The FSA will cease to exist in its current form. The Bank of England will be responsible for the regulation of systemic infrastructure. A new Financial Policy Committee of the Bank will be responsible for macro-prudential oversight of the financial system as a whole. A new subsidiary of the Bank, the Prudential Regulation Authority, will be responsible for ensuring the safety and soundness of deposit-takers and some other systemically important firms. A new Financial Conduct Authority will be responsible for regulation of firms conduct. [Reproduced with kind permission from Freshfields Bruckhaus Deringer]
Corporate Ethics; The Chips are Down
02 February 2012
The economic and social turmoil of the last few years has changed the corporate landscape. Tightening regulations and scrutiny of company practices has increased exponentially. Underlying all of the changes and at the core of the regulatory revolution ...
Topics: Corporate Governance Corruption Ethics Risk Management
Unweaving the Anti Money Laundering and Counter Terrorist Financing System
01 Feb 2012
Dr Dionysios S Demetis at Gresham College. Despite the onslaught of legislative initiatives surrounding AML/CTF, it is difficult to make any conclusive remarks on the effectiveness of the broader system that attempts to control money laundering and terrorist financing. Based on his new book on 'Technology and Anti-Money Laundering', the speaker, Dr Dionysios S Demetis, will unravel much of the complexity surrounding AML and offer practical advice for financial institutions. The transcript and downloadable versions of the lecture are available from the Gresham College website: http://www.gresham.ac.uk/lectures-and-events/unweaving-the-anti-money-laundering-and-counter-terrorist-financing-system
Topics: Due Diligence Egmont Group FIUs Money Laundering Monitoring Terrorist Financing
Military-Owned Businesses: Corruption & Risk Reform
31 Jan 2012
At a time of economic crisis, governments are much less ready to accept the waste that comes with corruption. One of the areas of corruption risk is commercial businesses that are owned by the military. This is a surprisingly common phenomenon and is open to a wide range of potential abuses. This report is focused on a few very different countries with extensive military-owned businesses, China, Turkey, Pakistan and Indonesia, and looked at national efforts of reform. In addition, they have looked at one of the major areas of abuse - exploitation of natural resource assets by the military in oil, mineral, forestry, agriculture, fisheries and land. The paper looks at the operations of some military- owned businesses, and the success or otherwise of some of the reform efforts that have been initiated. It looks particularly into the interaction between these businesses and the natural resource and extractive industries.
Topics: Corruption Extractive Industries Military-Owned Businesses
The Python That Isn't There; Credit Cards & Terrorist Financing
30 January 2012
Although terrorist financing and money laundering are often bunched together there remains core differences between the two activities. Where money laundering seeks to conceal the source of the funds terrorist financing seeks to conceal the destinatio...
Topics: Credit Cards Fraud Terrorist Financing
