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Europol releases podcast: ‘Targeting Dark Finances’ highlighting how economic and financial crime is becoming more complex

Covers a case led by the French Gendarmerie with the active support of Europol, who arrested in Burgundy a high-profile fugitive from Ukraine involved in a complex case of international fraud that resulted in the seizure of a castle, a vintage Rolls Royce Phantom and 3 works of art by Salvador Dali.

Moody’s releases financial crime documentary series ‘The Infinite Game: Inside the constantly evolving global battle with financial crime’

Spotlights why financial crime countermeasures can never become “set and forget” activities. Each of the three 10-minute episodes highlights the scale of the challenge posed by sophisticated criminal tactics that are carefully designed to grow illegal profits.

MONEYVAL publishes 2nd enhanced follow-up report and technical compliance re-rating on the Slovak Republic

Concludes that the Slovak Republic has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 26 on the regulation and supervision of financial institutions.

HSF releases ‘The Fraud Files podcast series’ – decoding the Economic Crime and Corporate Transparency Act 2023

The Fraud Files: Decoding the Economic Crime Act breaks down everything listeners need to know about the Economic Crime and Corporate Transparency Act 2023, its impact on corporate criminal liability, and the new offence of failure to prevent fraud…

FCA sends ‘Dear CEO letter’ to Annex 1 firms to complete a financial crime gap analysis over ML failings

The FCA is asking Annex 1 Firms to carry out a gap analysis against the failings it has identified in the market, and to take immediate steps to close any identified gaps, with the implication being that the FCA will carry out further reviews to assess how firms have performed in this regard….

HM Treasury issues policy paper on The Payment Services (Amendment) Regulations 2024 to slow payment processing in response to fraud concerns

A near-final version of legislation to slow down payments processing when there are reasonable grounds to suspect fraud, which is being published for checks…

INTERPOL publishes its Financial Fraud Assessment: A global threat boosted by technology

The assessment on global financial fraud highlights how the increased use of technology is enabling organized crime groups to better target victims around the world. The use of AI large language models and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost…

HM Treasury launches consultation on improving the effectiveness of AML/CTF & transfer of funds regulations

This consultation covers some areas already identified by The Treasury and covers the following themes: making customer due diligence more proportionate and effective, strengthening system coordination, providing clarity on scope of the MLRs, reforming registration requirements for the Trust Registration Service…

UK hosts world leaders for first Global Fraud Summit to explore how law enforcement agencies can work together to enhance the global fight against fraud

A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.

FCA consults on proposals for a new approach to enforcement investigations and intends to unveil firms that are under investigations

FCA is looking to publicise its enforcement process to increase transparency and is seeking views on how to proceed with this.

 

Companies House marks a significant milestone as it implements the measures under the ECCT Act to improve the quality and reliability of its data

The changes introduced include: greater powers to query information and request supporting evidence, stronger checks on company names, new rules for registered office addresses, a requirement for all companies to supply a registered email address, a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate…

 

HM Treasury publishes impact assessment relating to the Economic Crime and Corporate Transparency Bill

Impact assessments updated: Economic Crime and Corporate Transparency Bill – Scottish Solicitors Discipline Tribunal financial penalty; Economic Crime and Corporate Transparency Bill – New regulatory objective in the Legal Services Act 2007; Economic Crime and Corporate Transparency Bill – New proactive information request power for the Solicitors Regulation Authority to use in relation to economic crime.