A Barclays bank worker and four other men have admitted being part of a network responsible for laundering at least £16 million, following an investigation by the National Crime Agency (NCA). Over a three-year period, the group set up and controlled around 400 bank accounts in a conspiracy which involved receiving stolen funds into one account, […]Read More
After last week’s publication of the final Finance Bill for 2017, which had been interrupted by the snap election, the Government has published draft legislation to form the Finance Bill 2018. As expected, it contains previously announced provisions omitted following the snap election earlier this year and provides additional clarity on the Government’s position on […]Read More
Compliance with US anti-money laundering (AML) laws remains a top priority for US regulators. A combined criminal and civil enforcement action this summer has “huge significance,” according to the FT. It notably signals the willingness of US authorities to hold foreign parties accountable for AML compliance when they do business with US customers or access […]Read More
Are You Ready for strict liability and the corporate offences found in the UK Criminal Finances Act ?
Earlier this year the UK tightened its anti-money laundering regime with the passage of the Criminal Finances Act 2017 (“the Act”). Businesses have until the end of this month to comply. The new legislation Overhauls suspicious activity reporting, provides law enforcement with new powers to investigate and seize property and creates a new corporate “failure […]Read More
Europol’s Financial Intelligence Group has published a report, “From Suspicion to Action – Converting Financial Intelligence into Greater Operational Impact,” which aims to provide insight into the anti-money laundering framework and the extent of suspicious transaction reporting in the European Union. Although more than 1 million suspicious transaction reports (STRs) were received by EU Financial […]Read More
It was Britain’s Big Idea to improve trust and transparency in its often shadowy corporate world. Back in June 2016 the UK forced most companies to say who, if anyone, controlled them. After all, politicians conceded, hidden ownership facilitated crime. A year later Scotland’s troubled limited partnerships or SLPs were added to the scheme after a […]Read More