FSA to name and shame rule-breakers

Link: SFO charges six with money laundering

A spokesman for the FSA said the list would be published before the end of the year, but would not go into any details about how many firms would appear on it, or who they might be.

‘We have an obligation to publicise disciplinary cases and the FSA will name those financial institutions found in breach of the rules,’Brian Dilley, head of the deposit-taking and financial stability enforcement division of the FSA, said.

The FSA began its campaign to clamp down on financial crime in July last year, with the publication of The Money Laundering Theme: Tackling our new responsibilities’.

At its launch the watchdog said it would focus its efforts on international banking and high-risk jurisdictions, domestic banking, independent financial advisers and offshore funds, online stockbroking, spread betting and credit unions.

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