16 July 2018
FCA: Criminal prosecutions for AML systems and controls failings – a step too far?
In a recent speech, Mark Steward, Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), addressed how the FCA is responding to the UK's October 2017 National Risk Assessment of Money Laundering and Terrorist Financing, which identified an emerging risk of money laundering in capital markets.
10 July 2018
Beyond #Brexit: new anti-money laundering regime agreed
No sooner are we one year into the new regime under the Money Laundering Regulations 2017 than a further EU instrument has been adopted. The Fifth Money Laundering Directive was formally adopted on 19 June 2018 with a deadline of 10 January 2020 as the date by which EU Member States have to transpose the provisions into national law.
23 April 2018
Anti-Money Laundering: will new EU regime impact the UK?
It took ten years to get from the third money laundering directive to the fourth, but no sooner has the fourth been implemented (through the Money Laundering Regulations 2017) then the fifth is on its way.
27 February 2018
Sanctions and Anti-Money Laundering Bill – Second Reading
The Sanctions and Anti-Money Laundering Bill (“the Bill”) received its second reading in the House of Commons on 20 February 2018. (See our related blog)
The Bill has been introduced to address the fact that, following Brexit, the UK could face being in breach of its international obligations if it does not have in place powers to impose sanctions. At present, many of the UK’s powers to impose sanctions are derived via the European Communities Act 1972 (ECA), which will be repealed in March 2019.
14 February 2018
What you need to know about Unexplained Wealth Orders
Unexplained Wealth Orders (UWOs), first ratified in the Criminal Finances Act of April last year, are now in force meaning UK law enforcement agencies have a new tool at their disposal to help fight organised crime. Media reports have cited 'fishy millionaires', the wealth of corrupt overseas politicians and the properties of oligarchs as the intended targets. In practice however UWOs can be applied to any asset over £50,000 where there are reasonable grounds for suspecting dirty money is involved. Accountants, tax advisers and private wealth managers therefore need to understand how UWOs work and why their clients, innocent or otherwise, might be at risk.