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Home Office’s response to the consultation on the Code of Practice issued under POCA 2002 can be found in the draft explanatory memorandum that accompanies the draft statutory instrument that will bring the revised code of practice into effect

January 29, 2024

Consultation was undertaken to reflect the changes made to the Unexplained Wealth Order (UWO) regime.

UK Government releases guidance on money laundering reporting obligations in relation to the DAML exemption

January 29, 2024

The first amendment increases the threshold amount for a DAML application from GBP250 to GBP1,000, when a firm wishes to terminate a business relationship with a customer or client. The second one allows firms to pay away money or other property from a customer’s account where they know or suspect that part of the funds or property therein constitute criminal property…

$150m cryptocurrency seizure following US-UK cooperation

January 26, 2024

The head of a multi-million-dollar drug enterprise has pleaded guilty to supplying hundreds of kilograms of illegal drugs on a global scale. Singh, 40, of Haldwani, India, sold the drugs on dark web marketplaces, before personally shipping or arranging their shipment from Europe to destinations across the world. The investigation into Singh was led by the US Drug Enforcement Administration (DEA) and supported…

NCA issues amber warning highlighting the sanctions evasion and ML risks presented to UK industries linked to the art storage sector

January 23, 2024

Art market participants are advised to ensure capacity to identify within their business any change in client status and suspicious activity relating to financial sanctions evasion, money laundering, cultural property trafficking, or other criminality.

HM Treasury Advisory Notice: ML and Terrorist Financing Controls in High-Risk Third Countries

January 22, 2024

Outlines enhanced customer due diligence requirements that UK companies are required to observe with respect to high-risk jurisdictions…

FCA charges individual with fraud over unauthorised investment scheme

January 22, 2024

Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him. He made a number of fraudulent claims to investors, including about how the scheme was operated and the profits they could and were making via the scheme. He falsified documents in order to support some of his claims…

Home Office proscribes Hizb ut-Tahrir as terrorist group

January 19, 2024

This order makes belonging to Hizb ut-Tahrir or inviting support for the group a criminal offence, with a potential prison sentence of 14 years which can be handed down alongside or in place of a fine.

CPS convicts man for running illegal financial service for people smugglers

January 18, 2024

Asghar Gheshlaghian, a 48-year-old illegal money service bureau owner has been convicted of money laundering and immigration-related offenses. Operating as an unregistered “hawala” banker, he laundered funds for criminals smuggling migrants into the UK, proven by evidence including Whatsapp chats, ledgers, statements from asylum seekers, and undercover footage from an ITV investigation…

City of London Police warns of courier fraud after victims lose more than £19.6m in three months

January 17, 2024

Pensioners in the east and south of the UK are being warned to stay vigilant due to a surge in courier fraud cases. Criminals, posing as police or bank officials, deceive victims into believing their accounts are compromised. The scammers coerce victims, including one in Essex who lost £5.3 million, to transfer money or purchase valuables like gold and jewelry, often posing as couriers collecting items from victims’ homes…

US DoJ sentences foreign national for conspiring to launder proceeds of internet fraud schemes

January 12, 2024

The court records and trial evidence reveal that Olugbenga Lawal, from Indianapolis, Indiana, collaborated with the leader of a criminal group in Nigeria which carried out online scams, such as romance and business email schemes, defrauding individuals and businesses in the U.S., particularly targeting vulnerable elderly victims…

OFSI issues new Russia-related correspondent banking restrictions

December 27, 2023

The amendment prohibits UK banks from processing payments that have been previously processed by a designated bank, or are intended for a designated bank. These transactions are prohibited even if the account holders that send and receive the funds are not designated, and the prohibition extends to UK credit or financial institutions…

UK Government consults on the transparency of land ownership involving trusts