Anti-money Laundering

Indonesia removed from FATF blacklist

The Financial Action Task Force (FATF) has announced that Indonesia shall no longer be subject to its global AML/CFT compliance process monitoring as a result of Indonesia addressing previously identified deficiencies.  

FATF, 26 June 2015


Taiwanese National pleads guilty to violating U.S. Sanctions on exportation of Goods to Iran

A sales manager for Junbon Enterprises Co Limited in Tawain, Kunlin Hsieh, pleaded guilty to conspiracy to violate the International Emergency Economic Powers Act and the Iranian Transaction and Sanctions Regulations.

It is understood that between October 2007 and August 2014, Mr Hsieh conspired with others to obtain electronic parts from US Companies without disclosing to them that the parts were destined for Iran.

A sentencing hearing is due to take place on 25 September 2015. 

The FBI, 25 June 2015

Cyber Crime

Finnish Authorities give hacker two- year suspended sentence

It is understood that a seventeen- year old convicted of over 50,000 computer crimes has received a two-year suspended sentence.

It is understood that the individual was part of the hacking gang, Lizard Squad. 

Business Insider UK, 7 July 2015

Health and Safety

Fatal injury statistics

The HSE has announced that the year 2014/2015 saw an increase in fatal accidents involving workers to 142 from 136 the year before, although this is lower than the average for the last 5 years (156). 102 members of the public were fatally injured in accidents connected to work, although this excludes railway-related incidents. It has been speculated before as a country emerges from a recession, work-related fatal accidents increase, although it is too early to say if that's the case here. 

HSE Statistics, 2014/15

Financial Regulation

Regulators publish new rules on Senior Managers and Certification Regimes.

The FCA and PRA have published its final rules for the new Senior Managers and Certification Regimes. The rules are to come into force on 7 March 2016.

The FCA is further consulting on extending the Certification Regime to wholesale market activities. 

The FCA, 8 June 2015

The FCA appoints new Director of Supervision, Retail and Authorisations

The FCA has appointed a new Director of Supervision, Retail and Authorisations, Jonathan Davidson.

Mr Davidson is due to take up his post in the Autumn. 

The FCA, 7 July 2015


Tom Hayes commences Defence in Libor Trial

Tom Hayes has started giving evidence in the first Libor trial. 

The Guardian, 7 July 2015

Hong Kong Court of Appeal adopts broader interpretation of "client" and the dominant purpose test in relation to Legal Advice Privilege

The Hong Kong Court of Appeal has rejected the approach taken by the English Court of Appeal in Three Rivers (No 5) and stated that a client can be defined as a corporation and employees who are authorised to act for it in the process of obtaining legal advice.

It further adopted a dominant purpose test regarding legal advice privilege such that it would protect internal confidential documents of a client produced for the dominant purpose that they or their contents would be used to obtain legal advice. This widens the scope of the application of Legal Advice Privilege in Hong Kong and supports the general view that Three Rivers (No 5) should be revisited. 

HKCA, 29 June 2015