Jersey: if regulated businesses comply with their duties then the law will protect them

An article from Carey Olsen on 20 September says that the case of Verga v Nedbank shows that if regulated businesses comply with their duties then the law will protect them.  In the case, the claimant argued that the bank defamed or otherwise wronged him in the course of reporting various matters to the police, who had then initiated an investigation which resulted in criminal proceedings being brought in which he was ultimately found not guilty.  In a case said to be of real importance and relevance, the Royal Court struck out the claims on the basis that the bank could claim immunity from suit and also that the claim was time barred.

https://www.careyolsen.com/briefings/jersey-protects-financial-institutions-reporting-suspicions

 

Revised JMLSG Sectoral Guidance Approved by HM Treasury

On 27 September, the National Law Review reported that the Joint Money Laundering Steering Group (JMLSG) had announced on its website that HM Treasury has approved revisions to 3 chapters in Part II of the JMLSG’s aAML/CFT sectoral guidance – re credit unions (section 4), asset finance (section 12) and brokerage services to funds (sector 20).

https://www.natlawreview.com/article/revised-jmlsg-sectoral-guidance-approved-hm-treasury

http://www.jmlsg.org.uk/news/ministerial-approval-of-jmlsg-guidance