3 November 2022
First HMRC fine for an Art Market Participant
Since the introduction of the Money Laundering Regulations in 2017, HMRC have maintained a public list of businesses within the regulated sector who have breached their AML obligations. Aside from being a warning of the perils of non-compliance, the identities of the publicly named and shamed businesses offer a glimpse into HMRC’s priorities. The eagle-eyed observer of the latest update to this list will note that it includes for the first time a business within the art market sector.
13 January 2022
FCA as gatekeeper of UK crypto AML regime: two years in
On 10 January 2020, the Financial Conduct Authority (FCA) became the anti-money laundering (AML) and counter-terrorist financing (CTF) supervisor for UK cryptoasset firms. Two years in, how effectively is it performing its role as the gatekeeper of the new registration regime?
16 December 2021
Gambling Sector: Compliance and Enforcement Report reveals concerns over weak AML controls
On 9 December the Gambling Commission published its annual Compliance and Enforcement Report for the financial year 2020–2021. This confirmed that the period was particularly active for the Enforcement and Compliance teams, with a record total of £32.1 million being paid by 15 gambling businesses as a result of fines or regulatory settlements. This included over £1.3m being paid by White Hat Gaming Ltd, after a January 2020 review by the Commission of its operating licence revealed inadequate policies and produces in respect of anti-money laundering (“AML”) and safer gambling.
19 July 2021
Met Police appetite for Account Freezing Orders undimmed by pandemic
Account Freezing Orders (AFrOs) are a measure introduced by the Criminal Finances Act 2017 and have been available to a wide range of law enforcement agencies since February 2018.
15 July 2021
The FCA proposes new listing guidance for cannabis-related businesses – a positive step for investors concerned about the Proceeds of Crime Act
In September 2020 the FCA published a statement regarding the listing of cannabis-related businesses (CRBs) in the UK. Since then several CRBs have been admitted to the London Stock Exchange (LSE) and appetite for investments in the medicinal cannabis industry continues to grow.