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EU sanctions: new law to crack down on violations

According to the proposal, violating and circumventing the sanctions should be punishable criminal offences carrying prison sentences of a maximum of five years and fines of up to ten million euro. When companies violate or circumvent sanctions, they should be excluded from public tenders.

MAS Annual Report 2022/23

Report includes section ‘Responsible and Trusted Financial Centre’, which focuses on AML/CFT, enforcement, good culture and conduct, and FOREX and derivatives.

IMF publishes working paper on taxing cryptocurrencies

The greatest challenges are for implementation: crypto’s quasi-anonymity is an inherent obstacle to third-party reporting.

SlowMist publishes 2023 Mid-Year Blockchain Report

Focuses on the safety of the blockchain ecosystem, summarising the major security incidents of the first half of 2023 and the recovery of funds, providing a comprehensive understanding of current and future blockchain security risks

MONEYVAL publishes Fifth Enhanced Follow-up on Slovenia

Upon re-rating, Slovenia is either compliant or largely compliant in all Recommendations apart from R.5, reflecting progress made with respect to the mitigation of risks from VASPs and cash couriers.

HM Treasury consults on the reform of the AML/CTF supervisory regime

HMT has published a consultation on reform of the AML/CTF supervisory system, in line with a commitment in the Economic Crime Plan 2023-6. The consultation will be open for three months, closing on the 30th September 2023…

HM Treasury publishes Economic crime plan 2, covering 2023 to 2026

Sets out what the public and private sectors should do to continue to transform the UK’s response to economic crime.

SFO and FCA publish principles of cooperation

The SFO and FCA have issued a joint statement aimed at establishing principles for ongoing cooperation which requires the SFO and FCA to meet regularly to discuss strategy, policy and ongoing collaboration. Topics of discussion will include the status of ongoing investigations…

Law Commission publishes new recommendations for reform and development of the law on digital assets to secure UK’s position as global crypto hub

In its report, the Commission shows that the common law of England and Wales is well placed to provide a coherent and globally relevant regime for existing and new types of digital asset.

US and UK issues joint fact sheet on Russia-related sanctions to support humanitarian aid and food security

The Factsheet will provide additional clarity on Russia-related sanctions and the relevant authorizations, exceptions and public guidance issued by the US and UK. The fact sheet is intended to serve as a guide for humanitarian actors, non-governmental organizations…

OFAC targets Wagner Group revenue sources

OFAC sanctioned four companies and one individual connected to the violent Russian military group PMC Wagner and its founder and owner Yevgeniy Prigozhin, previously sanctioned by the US, the EU, Canada, and the UK. The Wagner Group exploits insecurity around the world…

HM Treasury publishes ML and TF (High-Risk Countries) (Amendment) Regulations 2023

The updated advisory notice explains that the ML and TF (High-Risk Countries) (Amendment) Regulations 2023 come into force on 27 June 2023 and substitute the list of high-risk third countries specified in schedule 3ZA of the ML, TF and Transfer of Funds…