Jersey’s leading independent offshore litigation and dispute resolution firm, Baker & Partners, has recruited Barry Faudemer, former Director of Enforcement of the Jersey Financial Services Commission (JFSC), to launch Baker Regulatory Services Limited, a specialist regulatory consultancy offering, as CEO.
Baker Regulatory Services will assist financial services businesses in achieving compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) legislation and Codes of Practice together with all regulatory guidance, thereby effectively managing AML / CFT threats and risks faced by businesses and individuals.
Barry brings to his new role as CEO unrivalled experience in investigating financial crime, conducting regulatory investigations and managing financial intelligence, giving him a unique insight into the regulatory challenges facing businesses. He previously spent thirteen years as Director of Enforcement and Money Laundering Reporting Officer at the JFSC. Prior to this, he was the Head of the Police and Customs Joint Financial Crimes Unit (JFCU) and graduated from the prestigious FBI National Academy, having studied terrorist financing.
In addition, advocate Cyril Whelan will serve as Chairman of Baker Regulatory Services, after recently completing a ten-year post as a Commissioner of the JFSC. As well as contributing to the formulation of numerous enforcement policies and processes, he has also acted as Jersey’s Attorney General on occasion, and separately been involved in high-profile investigative and litigation work relating to asset recovery. He is one of only four Moneyval assessors in Jersey, trained to assess the AML / CFT defences of countries for the Council of Europe’s independent committee of experts. Bringing together their unrivalled expertise, Baker Regulatory Services will be the only regulatory firm in Jersey to have JFCU and JFSC experience within its leadership.
The Baker Regulatory Services team consists of former regulators, lawyers and accountants with extensive experience of advising on regulatory laws and financial crime issues. These include advocates Stephen Baker, William Redgrave and Simon Thomas of Baker & Partners, all of whom will sit on the company’s Board.
Baker Regulatory Services will comprise an expansive regulatory offering for financial services clients, ranging from risk assessments and compliance advice to skilled person reports as well as investigations and bespoke training.
Barry Faudemer, Chief Executive Officer of Baker Regulatory Services, commented:
“The launch of Baker Regulatory Services marks the start of an exciting new chapter, both for myself and Baker & Partners. Financial crime continues to be a growing problem around the world, and we can expect even more to continue as criminals look to exploit new vulnerabilities in the wake of vast Government spending programmes and the global economy rapidly moving online as a result of Covid-19. With unlawful activity on the rise, regulators are likely to tighten compliance and enforcement measures accordingly. Businesses cannot leave things to chance, and now they’ll be able to draw upon our expertise, guidance and training in order to ensure they are ahead of the game. Our ambition is to set a new benchmark in offshore regulatory services, bringing a level of expertise unparalleled in Jersey to diagnose and neutralise regulatory risks for our clients.”
Cyril Whelan, Chairman of Baker Regulatory Services, said:
“Industry is understandably concerned about regulatory risk exposure at both the company and individual level. Add to this the fact that Jersey is facing an international assessment by Moneyval in 2022, increasing the need for regulators and law enforcement bodies alike to demonstrate that sanctions are being applied effectively and the pressure to achieve compliance has never been greater. With Baker & Partners, we’ve established an acknowledged market-leading reputation in the field of litigation and disputes. Baker Regulatory Services will enable us to do the same in the regulatory field. Given our existing fraud, asset recovery and regulatory compliance legal work, launching this regulatory service was a natural next step. Offshore financial regulation has been a rapidly evolving discipline and the team we’ve assembled has been at the forefront of it, with a deep expert knowledge of the international standards that have been absorbed into Jersey law.”