Day: June 12, 2018

This is Jersey on 12^th June reported that the world’s largest cryptocurrency exchange is planning to set up the first Sterling to crypto exchange in Jersey – potentially bringing millions of dollars into the Island’s economy.  Binance – which was established last July and is already the world’s largest and most respected cryptocurrency exchange – has signed a MoU with Digital Jersey to bring a crypto to Sterling exchange to the Island.

https://jerseyeveningpost.com/news/2018/06/12/world-first-cryptocurrency-move-may-bring-in-millions/

On 8^th June, McCann Fitzgerald published a briefing reporting that the Central Bank of Ireland has issued the first publication of its Anti-Money Laundering Bulletin in 2018 which focuses on investment firms, including stockbrokers, asset managers and trading platforms.  The Bulletin contains information regarding the Central Bank’s supervisory engagements with firms.  It identifies emerging trends in the sector as well as AML/CFT and financial sanctions compliance issues.  The briefing concludes that the Bulletin serves as a useful reminder of the Central Bank’s expectations regarding AML/CFT compliance, and in particular it highlights the dynamic nature of AML/CFT compliance.  The Bulletin states that the Central Bank has identified AML/CFT compliance issues in 3 areas:

• AML/CFT Risk Assessments;
• Politically Exposed Persons (PEP) screening and Transaction Monitoring; and
• Resourcing and Training.

https://www.mccannfitzgerald.com/knowledge/asset-management-and-investment-funds/central-bank-publishes-aml-bulletin

The Bulletin itself is available at –

https://www.centralbank.ie/docs/default-source/regulation/how-we-regulate/anti-money-laundering-and-countering-the-financing-of-terrorism/legislation/anti-money-laundering-bulletin-on-investment-firms—may-2018.pdf?sfvrsn=2

Tribune 242 reported that the prime minister has been warned by the former head of the regional FATF body (CFATF) that the Bahamas faces the “considerable danger” of sanctions from the web shop gaming tax hikes if the industry was driven “underground” by its new tax structure with concerns over an expanded gaming “black market”.  The Bahamas is currently being reviewed by FATF to determine whether it has sufficiently addressed the regulatory weaknesses identified in its last evaluation by CFATF which noted that Bahamas’ own FIU had identified “illegal gambling” as one of the main offences relating to money laundering.

http://www.tribune242.com/news/2018/jun/11/sanctions-threat-from-web-shop-taxation-hike/

Dutch News on 11^th June reported that a couple from Peru were arrested at Amsterdam’s Schiphol airport after trying to smuggle 440 protected orchids into the country.  They had stuffed the plants into 3 suitcases and a sports bag.
https://www.dutchnews.nl/news/2018/06/two-arrested-at-schiphol-smuggling-440-protected-orchids/