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HM Treasury announces further reforms to UK MiFID framework

November 14, 2024

HM Treasury has committed to make the changes to the UK’s Markets in Financial Instruments Directive (MiFID) framework as part of the government’s work to reform our rulebook for capital markets so that it delivers for investors and firms, and supports growth across the UK.

OFSI issues Financial sanctions guidance for High Value Dealers & Art Market participants

November 14, 2024

It provides financial sanctions guidance for entities and individuals that operate in the sale or trade of high value goods, especially those trading internationally with regions that may be subject to UK…

NCA issues its 28th SARs in Action magazine, focusing on the Camden Asset Recovery Interagency Network (CARIN), and international stakeholders collaboration in AML

November 13, 2024

CARIN is involved in the tracing, freezing, seizure and confiscation of international assets. Other organisations covered in this newsletter are Egmont Group and AUSTRAC.

FATF issues call to South Africa to advance efforts to enhance measures against ML and terrorist financing.

November 13, 2024

Since its 2021 mutual evaluation and the 2023 Follow-Up report, South Africa has made significant progress in strengthening its anti-money laundering and counter-terrorist financing measures. The country has improved its ratings in several FATF recommendations, with three re-rated from partially compliant to largely compliant. South Africa is now compliant on 5 recommendations and largely compliant on 32…

HM Treasury releases consultation response and draft legislation on regulating ESG ratings providers

November 12, 2024

HM Treasury has published its response to the outcome of its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, detailing the scope of the proposed regulatory framework, along with related draft legislation. Responses and comments on the draft regulation are sought by 14 January 2025.

FCA secures convictions against two individuals for £1.5m investment fraud

November 12, 2024

Between February 2017 and June 2019, the two defrauded 65 investors of £1.5 million through fake crypto investments. Bedi and Mavanga both pleaded guilty to multiple offences, including conspiracy to defraud and ML while Mavanga was convicted of perverting justice by deleting evidence. A third defendant faces a retrial in 2025, and a fourth, Rowena Bedi, was acquitted of money laundering charges…

Companies House Strategic Intelligence Assessment provides a clear overview of identified threats, including the misuse of corporate structures for ML, fraud, and corruption

November 10, 2024

It emphasises the risks associated with shell companies, opaque ownership, and international criminal networks exploiting UK business registrations. The NCA estimates that ML affecting the UK may exceed £100 billion annually. The key concerns include mass corporations: Criminals may exploit mass incorporations to establish shell companies, increasing fraud & ML, with a 19.3% rise…

The Cambridge Centre for Alternative Finance (CCAF) unveils its 2nd Global Cryptoasset Regulatory Landscape Study, highlighting the emerging practices and early lessons learned

November 9, 2024

Some quick insights include: Cross-Border Challenges: The global nature of crypto assets makes regulation complex. While countries are working together more closely, they’re also setting up national restrictions to control the risks of offshore activities. Focus on Stablecoins and DeFi: Stablecoins are drawing intense scrutiny, especially in developed economies, where there’s concern over stability and redemption rights. DeFi remains mostly unregulated, with regulators more interested in controlling access points like user interfaces rather than the protocols themselves…

Gambling Commission publishes its 2024 Young People and Gambling Report, its annual study into children’s and young people’s exposure to, and involvement in, all types of gambling

November 7, 2024

The research was conducted in schools, with pupils completing online self-completion surveys in class. The study collected data from a sample of 3,869 11 to 17 year olds between January and June 2024. Headline statistics include: 27 percent of young people spent their own money on gambling in the 12 months prior to taking part in the survey; the most common types of gambling activity that young people spent their own money on were legal or did not feature age restricted products…

HM Treasury issues guidance on the offence of ‘failure to prevent fraud’ introduced by ECCTA

November 6, 2024

Under the offence, which was created by the Economic Crime and Corporate Transparency Act 2023, an organisation may be criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place.

SRA releases its latest AML Annual Report 2023-24, showing increased regulatory action against firms

November 5, 2024

Report shows that in 2023/24 the Solicitors Regulatory Authority (SRA) took regulatory action against firms in relation to anti-money laundering breaches in 78 cases – an increase on the previous year (47). In more than half of the cases, the most common breaches related to firms having inadequate risk assessments or AML controls. 44 fines were issued, totalling £556,832.

UK PM announces further funding for the National Crime Agency (NCA) and new migration returns figures

November 4, 2024

The Prime Minister has announced two new elements of this government’s approach to boost border security and restore order to the asylum system – a £58 million boost for the National Crime Agency (NCA) and new figures showing 9,400 people with no right to be here have been returned since the government took power.