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money in europe: crime, religion, gender October 15, 2009

Posted by Bradley in : financial regulation , trackback

Money laundering: The Court of Appeal held that the UK’s Financial Services Authority has the power to bring private criminal prosecutions in circumstances where it does not have statutory powers of prosecution; the EU’s financial committees (CEBS, CESR and CEIOPS) published a report on the EU Member States’ implementation of EU money laundering rules; the UK’s Treasury began a consultation on UK money laundering regulations in two parts: one directed to “professionals familiar with the Regulations and their implementation including policy makers and commentators, Regulated Firms, Supervisors and academics”, and the other directed to customers (it should be noted that the Treasury kindly concedes that mere consumers are allowed to respond to the more technical questions in the first document as well as those in the document addressed to them).

Sukuk: As Luxembourg, France and the UK vie to be attractive European locations for Islamic finance, and in particular for the establishment of sukuk, the FSA published its feedback document on its consultation on how to regulate sukuk in the UK, noting that it proposes to exempt alternative finance investment bonds from treatment as collective investment schemes and regulate them as debt securities (this treatment is not to apply to sukuk that have equity type features.

Women and money: the House of Commons Treasury Committee held a hearing yesterday on women in the city; there’s some interesting material in the written evidence, but the oral evidence session was apparently more lively.

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