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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…

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…

UK Govt releases new Factsheets on the Economic Crime and Corporate Transparency Bill 2022

The Factsheets provide details of the different measures contained in the Bill which will deliver reforms to Companies House, additional powers to seize and recover suspected criminal cryptoassets, reforms to give businesses more confidence to share information in order..

OFSI revokes General Licence INT/2022/2305324 relating to German subsidiary of Russia’s state oil concern, Gazprom

The nationalisation of Gazprom Germania (renamed Securing Energy for Europe) means that Gazprom’s UK subsidiaries are no longer in scope of the credit restrictions introduced by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022, which…

UK amends General Licence INT/2022/1947936 dealing with humanitarian assistance in Ukraine

The definition of “Non-government controlled Ukrainian territory” has been expanded to include the oblasts of Kherson and Zaporizhzhia. The GL has also updated Annex I of Designated Financial Institutions to capture financial institutions designated since 7 July 2022…

 

TI UK warns ministers they needs to act fast to close property transparency loophole

The failure to improve transparency over trusts controlling UK property is unfinished business, this is a significant loophole used by kleptocrats and oligarchs to hide their property portfolios in the UK. If this law is to work as intended and shine a light on suspect cash in…

UK announces new legislation regarding Ukrainian compensation and Russian Sanctions

The UK Govt announced plans to tighten its sanctions policy against Russia, including introducing legislation to keep assets frozen until Moscow has agreed to pay compensation to Ukraine. The new measures will require any individual who has been designated under the…

UK Govt proposes amendments to the Economic Crime Bill to significantly expand the corporate criminal liability for economic crimes through reform of the ‘identification doctrine’

The proposals seek to amend the existing “identification doctrine” to allow for the actions of senior managers, acting within the actual or apparent scope of their authority, to fix the entity with liability with respect to a comprehensive list of economic crimes, including fraud…

OFSI issues new Oil Price Cap Guidance and General Licence INT/2023/3074680

OFSI issued General Licence permitting the trade in oil derivatives and futures previously prevented by regulation 46Z9C of the Russia (Sanctions) (EU Exit) Regulations 2019. The exemptions will apply to individuals, organisations and brokers trading in…