Related insights: Financial Crime Prevention

Thumbnail

SFO corporate co-operation guidance

14 Aug 2019
The Serious Fraud Office (SFO) published its much awaited corporate co-operation guidance on 6 August. Whilst the guidance delivers some much sought after clarity and should assist with accelerating investigations, there are some question marks over whether it sets the co-operation bar too high.
Thumbnail

Making SARs better: Law Commission publishes recommendations

19 Jun 2019
Following the Law Commission's appointment in 2017 to review specific aspects of the UK's AML regime, specifically the relevant provisions in POCA and the Terrorism Act, and its detailed Consultation Paper of 2018, the Commission has now published its recommendations. Emma Radmore looks at what it is suggesting.
Thumbnail

Know your overseas offices: lessons in AML

31 May 2019
FCA's recent fine on Standard Chartered Bank (the Bank) illustrates the importance not only of having appropriate and strong AML policies and procedures for high risk areas of business, but also (mainly in fact) of adhering to them.
Thumbnail

5MLD is coming...

31 May 2019
The UK government is consulting on expanding the requirements for trusts to be registered with HMRC, as part of a raft of measures to implement the latest EU Anti-Money Laundering law (known as 5MLD). The changes are likely to: a) significantly increase the number of trusts that need to be registered with HMRC; and b) widen the circumstances in which trust information can be accessed.
Thumbnail

Treasury presses on with MLD5 implementation

23 May 2019
The spring has brought a rush of government initiatives aimed at further improving the financial crime prevention regime in the UK. Who knows what the relationship between the UK and the EU will be come 10 January 2020 when MLD5 falls to be implemented? Regardless, Treasury is pressing on with its plans to implement it, not least as it was one of the prime movers behind it and supports the initiatives taken in it. The consultation will help Treasury decide how to balance a proportionate approach to implementation that manages the burden on business while actively discouraging ML/TF activity.

Top ten tips for financial crime prevention: is your business in good shape?

01 Feb 2019
Every business in the UK faces risks from financial crime – from financial institutions to wholesale energy providers, from manufacturers to retailers, from construction companies to estate agents, from media and telecoms providers to charities. Whatever your business, wherever you sit in the distribution chain, you should be aware of the vulnerabilities of your business model and take steps to mitigate those risks.

Thumbnail

2018: Another year, more financial crime prevention requirements

13 Dec 2018
Emma Radmore of Womble Bond Dickinson's  Annual Update looks back at what has happened in the world of financial crime prevention since the 2017 update. It seems as if we are still coming to terms with the changes of 2017 yet now must adapt to more. And all this in the (at the time this article was written) uncertain climate as to when, or even whether, Brexit will happen and the terms on which any orderly or disorderly exist will take place. There have been some key developments on the EU front with the fifth Money Laundering Directive (MLD5) and the domestic front with the Sanction and Anti-Money Laundering Act 2018 (SAMLA). There are some key changes in the pipeline (reform of the Suspicious Activity Reports (SARs) regime, and in the mix the usual interesting enforcement actions and regulatory reviews.
Thumbnail

Where next for SARs? The Law Commission Consultation Paper

01 Aug 2018
It is a well-known and undisputed fact that the SARs regime under which the NCA receives countless reports either seeking consent to proceed with transactions, as defences to potential allegations of money laundering or terrorist financing or otherwise as required by AML or CFT legislation is broken and not fit for purpose. Equally though, when the Government considered getting rid of the regime, industry agreed we need it in some form. But what exactly do we need? How can it help to detect and prevent money laundering and punish criminals without causing unnecessary delays and costs to business, or result in devastating consequences for those about whom a suspicion has been raised but who turn out to be innocent?