10 April 2019
SRA AML audits: be prepared
The Solicitors Regulation Authority (“SRA”) confirmed in March that it will be writing to a “large number” of firms (400) asking to see evidence of compliance with the Money Laundering Regulations 2017 (“MLR 2017”). A failure to respond to the SRA request can have regulatory and criminal consequences.
9 April 2019
SFO secures “largest seizures of its kind” using new asset forfeiture powers
The Serious Fraud Office (SFO) secured the return of £1,522,756.72 through new powers introduced under the Criminal Finances Act 2017, namely the Account Freezing Order (AFO) and Forfeiture Order. This was the first time the SFO has used these powers, but follows fast behind a similar order obtained by the National Crime Agency.
25 March 2019
SRA to undertake AML audits as enforcers keep focus on “professional enablers”
Recent political statements as to the role professionals can play in money laundering by “providing a veil of legitimacy to organised criminals” has led to a focus on “lawyers, accountants and estate agents [who] are too often woven into their web.”
13 February 2019
Unexplained Wealth Orders: What we know one year on
The Unexplained Wealth Order (UWO) has been available to law enforcement since February 2018. UWOs are intended to bolster the Proceeds of Crime regime, by making it easier for law enforcement agencies to seize assets suspected of representing criminal property.
15 January 2019
Diamonds are (not) forever: NCA keeps up pressure on unexplained wealth
Further developments in the first (so-called) “McMafia” case (see my related blog Media focus on first 'McMafia law' challenge) were reported yesterday when the National Crime Agency (NCA) secured the seizure of a “high value Cartier diamond ring”.