Blog
The FCA’s Enforcement Watch 2 and what it means for the financial services industry
James Alleyne
3 February 2023
What does failure to prevent mean for the accountancy sector?
A comment made by Minister of State for Security Thomas Tugendhat during a debate on the Economic Crime and Corporate Transparency Bill (the Bill) on 25th January has sparked a flurry of media reports and speculation. Tugendhat was confirming that the government supported the inclusion of new corporate criminal offences, based on the failure to prevent (FTP) model, in the Bill.
2 February 2023
‘Made in China’ as Possible Supply Chain Money Laundering
It is estimated that 30% of the world’s production of cotton originates in China. Of that cotton 85% originates in Xinjiang, which is the centre of the Uyghur atrocities. Recently before the High Court, the World Uyghur Congress (“the WUC”) argued that UK authorities were under a duty to block and/or launch money laundering investigations into the many imports of Xinjiang cotton brought into the UK - many by household names in the clothing industry – because of the high likelihood of prison and forced labour forming the start of the supply chain
30 January 2023
Major rise in SARs volume and suspect funds locked – UK FIU report
The latest Annual Report of the NCA’s UK Financial Intelligence Unit (UKFIU), published this week, makes interesting reading. The UKFIU is responsible for receiving, analysing and disseminating intelligence submitted through the Suspicious Activity Reports (SARs) regime and its role is to alert law enforcement agencies, both at home and abroad, to potential instances of money laundering and terrorist financing.
14 December 2022
The FCA’s growing toolkit to tackle ESG issues
In late October the FCA launched a consultation on CP22/20 a range of new rules that will enhance its regulatory toolkit for dealing with ESG issues.
14 September 2022
Greenwashing in the High Street: announcement of an investigation into ASOS, Boohoo and ASDA (George) brings the Green Claims Code into the spotlight
The Competition and Markets Authority (the CMA) has been threatening to investigate companies making misleading environmental claims since it announced the launch of the Green Claims Code in September 2021. On 29 July 2022, having given companies a period of time to get their representations in order, it announced that it had launched investigations into the eco-friendly and sustainability claims made by ASOS, Boohoo and George at Asda about their fashion products, including clothing, footwear, and accessories. These are the first greenwashing investigations to be announced under the Green Claims Code although the fashion industry is a sector the CMA had specifically targeted as a priority area for greenwashing.
