Ex-JFSC heads joins law firm's new regulatory venture

Wednesday 23 September 2020

The former Enforcement Director and a former Commissioner of the JFSC are joining a local law firm's new regulatory venture.

Barry Faudemer has been appointed CEO of Baker Regulatory Services, while Advocate Cyril Whelan will serve as Chair.

The new venture has been set up by Baker and Partners and will offer services ranging from risk assessments and compliance advice to skilled person reports and investigations, as well as training.

Mr Faudemer joins after 13 years at the helm of the JFSC's enforcement efforts, where he conducted regulatory investigations and managed financial intelligence. Prior to this, he was Head of the Police and Customs' Joint Financial Crimes Unit and graduated from the FBI National Academy, where he studied terrorist financing.

Mr Whelan, who was a JFSC Commissioner for 10 years, previously spent nearly three decades as a senior legal adviser in the island's Law Officer's Department and has been involved in high-profile investigations and litigation.

Pictured: The pair have more than 20 years' JFSC experience between them.

"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," Mr Faudemer said.

Mr Whelan, who is one of only four Moneyval assessors in Jersey, added: “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."