Nearly four years have passed since the Bank of England closed down the London offices of the Bank of Credit and Commerce International (SA) along with the majority of the BCC…
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Nearly four years have passed since the Bank of England closed down the London offices of the Bank of Credit and Commerce International (SA) along with the majority of the BCC branches and affiliates in over 70 foreign jurisdictions. The exercise has been only partially successful, and details of the liquidation process remain shrouded in a ‘conspiracy of silence’.
The collapse of Barings Brothers has been blamed on the unsupervised activities of a single ‘rogue trader’ in Singapore. This may have been the cause but it is definitely not the…
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The collapse of Barings Brothers has been blamed on the unsupervised activities of a single ‘rogue trader’ in Singapore. This may have been the cause but it is definitely not the reason. While greed and complacency have played a part, the root of the problem lay in the bank's inability to assimilate and adjust to the widely different cultures within the bank, that came with the acquisition of stockbrokers Henderson Crosthwaite, back in 1984, in what then became Barings Securities.
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Gone are the days when a bank could concentrate on providing a reliable service to its customer, and maintain that as part of that service it could guard the confidentiality of…
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Gone are the days when a bank could concentrate on providing a reliable service to its customer, and maintain that as part of that service it could guard the confidentiality of all information learnt in the course of the customer's banking. Formerly, a customer could be relatively confident that information about his or her business affairs would not be disclosed save in fairly limited circumstances, and the bank would not trouble itself as to how these affairs were conducted. Current legislation and regulation requires a bank to be aware of the commercial background to its clients' dealings and, in certain circumstances, to take steps to report criminal conduct or to account to third parties.
Enforcement of regulatory controls has traditionally been left to the criminal law. In the last 15 years there has been an increasing interest in using civil remedies for this…
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Enforcement of regulatory controls has traditionally been left to the criminal law. In the last 15 years there has been an increasing interest in using civil remedies for this purpose. Most of the attention has been on financial services, but there have been recent developments in the UK planning system, which provide interesting parallels.
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Information is power — so it has been said — and nowhere has this statement been realised more significantly than in the banking industry. IT and banking in the 1990s and going…
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Information is power — so it has been said — and nowhere has this statement been realised more significantly than in the banking industry. IT and banking in the 1990s and going forward to the next millennium are tightly bonded. It is now more difficult to determine whether business drives technology or the other way round. Given this scenario, one of the most important facets of managing IT in a bank is that of information security.
Section 2 of the Criminal Justice Act 1987 abrogates the right to silence since a suspect is required to answer questions in pre‐trial investigations by the SFO, although the…
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Section 2 of the Criminal Justice Act 1987 abrogates the right to silence since a suspect is required to answer questions in pre‐trial investigations by the SFO, although the answers are inadmissible as evidence unless proceedings are brought under s. 2(14) for giving false information or by s. 2(8), where the individual ‘makes a statement inconsistent with it’. In a previous article, the writer has considered the necessity and effectiveness of s. 2 powers. It is also instructive to analyse the conceptual basis of s. 2 powers since this will aid in the interpretation of statutory ambiguities and will allow the courts to have a uniformity of approach when seeking to resolve the statutory ambiguities. The conceptual basis is also important as concerns the resolution of where the line lies between the effective investigation of offences pursuant to s. 2 and the rights of the individual subject to such questioning. A critical examination of the above issues demands steering a careful course between normative rules and theory: in this area above all others it is impossible and undesirable to divorce one from the other.
The short answer is no. Notable examples of anti‐corruption laws are available. But there is probably no single example that one would elevate to a definitive universal model…
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The short answer is no. Notable examples of anti‐corruption laws are available. But there is probably no single example that one would elevate to a definitive universal model. This short briefing will focus first on the multilateral efforts of the Organization of the American States (OAS) against corruption and secondly, on the new anti money‐laundering legislation of the Bahamas with references to other major countries, as another perspective apart from the perspectives of other regions.