The FCA proposes new listing guidance for cannabis-related businesses – a positive step for investors concerned about the Proceeds of Crime Act

This last year has undoubtedly been a busy and challenging one for the Competition and Markets Authority (CMA). It has seen additional activity arising from its response to the Covid pandemic, the further responsibilities it has taken on post-Brexit (see our related blog: #Brexit, the CMA and competition enforcement), and its work concerning the design and implementation of a pro-competition regime in digital markets. This article looks at its recently published Annual Report and Impact Assessment, calls for change, and the work it has been doing in relation to digital markets.

Alun Milford, Partner in our Criminal Litigation team, has been quoted in Compliance Week in an article reviewing ten years of the UK Bribery Act. Questions are asked about its success with mixed views presented as to how the legislation and its enforcement have fared since it came into force.

Charities are not immune to financial crime, fraud or other wrong-doing; there are a number of ways in which charities may be exploited by criminals. 

On 9 July 2021 Southern Water Services Ltd (SWS) was fined £90 million, to be paid out of company operating profits, in what was the largest fine ever imposed on a water company.

This quarterly environmental law update provides a summary of a cross-section of news stories in the period April 2021 - June 2021. 

The Financial Conduct Authority (FCA), in its annual business plan published today, sets out its areas of focus for the year ahead.  It is, as ever, essential reading for all those in the regulated sector. 

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.

As a criminal defence solicitor specialising in defending allegations of sexual misconduct and representing children, the perfect storm that has erupted since the launch of Everyone’s Invited has made me privy to some of the saddest and most distraught children I have ever advised.

Sandra Paul, Partner in our Criminal Litigation team, appeared on BBC Radio 4 Women's Hour show on 7 July 2021 to discuss the Lady Nourse case along with providing her views on the law for those who've been accused of historic sexual offences. 

It’s the incendiary network exposing the rape culture endemic in our schools — but are innocent teenage boys getting caught in the crossfire? Katie Strick reports on a rising conflict in education

The head of the Youth Justice Board has rightly criticised the Government’s plans to raise child custodial sentences. At a time when England and Wales falls behind most European countries in protecting children with the lowest age of criminal responsibility (10), it is inexplicable that the Government is taking a further regressive step by seeking to increase the length of time that children must spend in prison.

Many art dealers, galleries and auction houses are now subject to the UK’s anti-money laundering regime and are defined as art market participants (AMPs) - see our related blog The compulsory embrace of the art market by the UK's Anti-Money Laundering regime. On 28 June HMRC published its first assessment of the key areas that AMPs should consider when conducting their own assessments of the risk of money laundering and terrorist financing to which their business is subject.

In March 2021 the Chancellor announced the establishment of a taskforce to investigate those who may have fraudulently made use of government schemes set up to protect individuals and businesses against the economic impact of COVID-19 – such as the Coronavirus Job Retention Scheme (CJRS) (widely referred to as the Furlough scheme), the Self-Employment Income Support Scheme (SEISS) and the ‘Eat Out to Help Out’ Scheme.

For the fourth year the FCA has published research on the changing relationship between consumers and cryptoassets. In spite of the pandemic, the strong upward trend in public engagement and media coverage has continued, with the FCA estimating 2.3 million adults now hold cryptoassets.

A Director at the National Crime Agency recently voiced concern about crypto assets being used to fund property purchases in the UK. The NCA’s Nigel Leary was quoted by The Times as saying: “Anything purchased with crypto assets I’d be slightly sceptical about. I’d like to see why they’re being done in that way and what the requirement is for that anonymity, and why it needed to be done in a crypto transaction.”

Alun Milford, Partner in our Criminal Litigation team, has been quoted in Compliance Week following the second deadline extension requiring cryptocurrency firms to be registered with the Financial Conduct Authority (FCA) under money laundering regulations.

Áine Kervick, Associate in our Criminal Litigation team, has been quoted in The Law Society Gazette providing her thoughts on the Trade and Cooperation Agreement and criminal justice co-operation. She comments that the UK's position in respect of post-Brexit extradition means there is now uncertainty, particularly around incoming requests, as a result of numerous Member States exercising a nationality bar.

Recent guidance issued by the CPS on the offence of ‘failure to disclose’ under section 330 of the Proceeds of Crime Act 2002 (‘POCA 2002’) states that it is now “possible to charge an individual under section 330 even though there is insufficient evidence to establish that money laundering was planned or has taken place.”

To date, there have seldom been prosecutions for this offence but this guidance – effectively removing a significant element of the offence - suggests that the CPS may be looking to bring more charges in the future.

As individuals, businesses and government departments alike begin to plan their recovery from the disruption caused by the pandemic, the Competition and Markets Authority (“CMA”) is examining its role in respect of pandemic and post-pandemic market abuse.

Dominic Cummings’ headline-grabbing appearance before the Covid select committee last week was in stark contrast to his 2018 refusal to appear when summonsed by the Culture, Media and Sport Committee investigating “Disinformation and ‘fake news’”.