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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Baker & Partners

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Fraud: A Jersey perspective

January 2012 - Crime. Legal Developments by Baker & Partners.

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by Emma Jordan, Ed Shorrock, Cyril Whelan

Investigating and prosecuting serious and complex fraud is about staying ahead of the game. Most serious frauds will have an international element, whether in the substantive action or in asset recovery. It has therefore become increasingly important for fraud lawyers to have knowlege of offshore centres laws and procedures in freezing and tracing assets as well as possible substantive remedies. 

THE BRIBERY ACT 2010 – ITS PROVISIONS AND IMPLICATIONS

December 2011 - Corporate & Commercial. Legal Developments by Baker & Partners.

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The UK's new Bribery Act has been long in the making. After much debate and speculation, sometimes informed and sometimes not, it is to come into force later this summer, namely on 1 July 2011. It represents a determined assault on corrupt practices, taking an approach which is more severe and extensive in its reach than comparable legislation elsewhere, including even the US Foreign Corrupt Practices Act.

PROPERTY RIGHTS FOR UNMARRIED COHABITANTS

December 2011 - Real Estate & Property. Legal Developments by Baker & Partners.

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The Supreme Court of England & Wales recently affirmed in Jones v Kernott [2011] UKSC 53 the principles upon which the Courts in England & Wales may determine the beneficial interests of unmarried couples in their family home.

PERMAFREEZE: THE JUDGMENT IN CUSTOMS & EXCISE v GARNET INVESTMENTS LTD

December 2011 - Litigation & Dispute Resolution. Legal Developments by Baker & Partners.

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Those who thought the days of the extended informal freeze may be over, think again.

Many in the financial services industry were heartened by a decision of the Royal Court of Guernsey earlier this year which granted an application for judicial review and quashed a refusal of consent by the Financial Investigation Service (“FIS”) to the release of funds held by BNP.

IN RE R – THE WAKING OF LEVIATHAN

July 2011 - Litigation & Dispute Resolution. Legal Developments by Baker & Partners.

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The former Bailiff of Jersey, Sir Philip Bailhache has recently delivered a judgment in In re R [2011] JRC 117 which declines to follow the English Court of Appeal’s test for mistake established in Pitt v Holt1.

Divorcing Beneficiaries - A Practical Guide for Trustees

April 2009 - Litigation & Dispute Resolution. Legal Developments by Baker & Partners.

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A Jersey law trust. A Jersey corporate trustee. Divorcing beneficiaries, both of whom are resident in a foreign jurisdiction.

What should you do? What shouldn’t you do?

Joanna Woods considers three key matters; the provision of information, submission to the jurisdiction of the foreign Court and the enforcement of a judgment in Jersey, in this practical guide for trustees.

 

Lloyds TSB Busted for 'Stripping'

April 2009 - Finance. Legal Developments by Baker & Partners.

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The U.S. Government has asserted jurisdiction over a non U.S. person for the first time and levied the largest ever penalty for violations of U.S. sanctions.

On January 9th 2009 the British Bank Lloyds TSB entered into a deferred prosecution agreement with the U.S. Department of Justice (DOJ) and the New York County District Attorney’s office (NYDA) concerning the bank’s admitted non-compliance with the OFAC sanctions regime pertaining to Iran and Sudan.

Why Fiction is Clouding Fact - A Comparative Review of Jersey’s Efforts to Counter Financial Crime

February 2009 - Finance. Legal Developments by Baker & Partners.

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An article published in the Observer newspaper on 14 December 2008  contained the utterly misconceived assertion that ‘The financial crisis began with the collapse of the structured investment vehicles, which accountants and lawyers working offshore put together’. The article went on, rather brazenly, to state that ‘transparency and openness’ are ‘virtues that the offshore banking industry hates with a passion’. Those statements are made without reference to any empirical evidence. The article could simply and accurately be regarded as a misguided ramble by someone with little knowledge of his chosen subject, were it not for the fact that it is another example of the misplaced but increasing hostility to offshore financial centres. That hostility has certainly intensified as a result of the global financial crisis. We have seen politicians on both sides of the Atlantic applying pressure; the Stop Tax Haven Abuse Bill in the US Senate and, in the UK, the announcement in the pre budget report of a review of the Crown Dependencies and Overseas Territories  are further examples to which the EU’s indirectly discriminatory White list , President Sarkozy’s recent call for a ‘crack down’ on tax havens  and Joseph Stiglitz call for them to be ‘shut down’  can all be added.

EU 'WHITE LIST' OMITS THE DIAMOND FOR THE DIRT

July 2008 - Corporate & Commercial. Legal Developments by Baker & Partners.

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The publication in May 2008 of a EU draft ‘white list’1, countries considered to have the equivalent controls on money-laundering to EU member states, has caused something of a storm amongst the Crown Dependencies; they have been omitted from the list. The purpose of the list is to determine those countries in which transactions demand less scrutiny.

Loss of a Privilege

February 2008 - Litigation & Dispute Resolution. Legal Developments by Baker & Partners.

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Until now the rudest question that a Jersey lawyer has had to ask a client is ‘can you pay my fees”, not for much longer - lawyers in Jersey are about to get a taste of the medicine that their financial services clients have been swallowing since the introduction of the anti money laundering regime in Jersey since 1999: From mid February, with the anticipated States approval of the newly revised Money Laundering Order, lawyers will in respect of defined activities at least, have to fall into line by implementing systems to forestall money laundering including verification of identity requirements.

Is there still a role for a Protector in trusts?

November 2007 - Finance. Legal Developments by Baker & Partners.

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Potential settlors who may be considering placing assets into a trust tend to be concerned to ensure that there is an appropriate control over the manner in which the trustee administers the trust – naturally the law and regulatory requirements provide some control, but where a settlor seeks to ensure that his individual concerns and wishes are reflected in the administration of a trust, trust law has developed the role of the Protector, which is, or at least has been, an important role.