News

A U.K. crown dependency has proposed enabling more prosecutions against banks and other companies accused of facilitating money laundering at the same time that similar, long-delayed plans in Britain have reportedly been revived. Banks, government agencies and other interested parties have until Feb. 22 to share their views on proposed amendments to Jersey's 1999 Proceeds of Crime Law that would introduce a new corporate offense of failing to prevent money laundering and terrorist financing. Officials wrote on Jan. 28 that the reforms, which, if enacted, will apply only to financial institutions, would "enhance the overall dissuasiveness of the sanctions available"...