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Barclays takes pre-emptive strike against Russian money launderers

Barclays Bank is reviewing accounts held by Russian offshore customers in a pre-emptive strike against possible money laundering.

The bank is taking the action in the wake of the scandal which alleges that billions of dollars have been launder through the Bank of New York and other foreign banks.

Barclays says it will review hundreds of accounts held in the UK, Channel Islands and the Isle of Man.

It has said it will close any accounts where it is unable to receive satisfactory assurances regarding there ownership and use.

The bank says the accounts of Russian customers resident in the UK are unaffected.


US bond specialist opens London office

Specialist US fund manager Payden & Rygel is launching a UK based subsidiary to capitalise on the growing fixed income bond market according to the Financial Times.The fund managers which specialises in bonds is targeting UK investors who are seeking to diversify their portfolios.The London office will be headed by derivative and hedge fund specialist […]

Government publishes final piece in stakeholder jigsaw

The Government put in to place the final pieces of its stakeholder jigsaw yesterday with the publication of its fifth pensions consultation paper.The paper outlines the new rules which will permit parallel holding of personal pensions, money purchase occupational schemes as well as stakeholder pensions.The plans will allow individuals to save up to £3,600 a […]

Scot Eq urges Government to treat decision trees with caution

Scottish Equitable has urged the Government to treat decision trees with caution.The life office warns that those for whom the decision tree is designed may not have the confidence and skill to use them effectively.Scottish Life pensions development director Stewart Ritchie says: “If an individual makes a poor decision based on information given in the […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


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