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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’

June 16, 2023

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

June 14, 2023

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…

U.S-UK issue Joint Statement on the announcement that both countries have committed in principle to establish a data bridge

June 9, 2023

A U.S-UK data bridge would uphold the rights of data subjects, facilitate responsible innovation, and provide individuals in both countries greater access to the services that suit them, whilst reducing the burdens on businesses and delivering better outcomes for people…

Guernsey FSC consults on AML/CFT obligations upon VASPS and additional obligations upon Licensed Trustees and Partners

June 9, 2023

The consultation paper also seeks comments on proposed additional rules and guidance for trustees of trusts and partners of partnerships and limited partnerships without legal personality to hold information on the identity of other regulated agents and service providers…

FCA introduces tough new rules for marketing cryptoassets

June 8, 2023

The FCA announced that those marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first time investors from 8 October 2023. The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest…

HMRC issues £3.2 million in money laundering penalties

June 8, 2023

240 supervised businesses were fined between 1 July and 31 Dec 2022 by HMRC for breaching MLR aimed at preventing criminals from exploiting illicit cash. Xpress Money Services Ltd was hit with a large fine of £1.4 million for failing to carry out risk assessments not …

NCA issues guidance on submitting better SARs

June 1, 2023

This document aims to provide all reporters with guidance on how to submit better quality SARs to the NCA. It should be read in conjunction with guidance found on the NCA website. The document include: Introduction to SARs, SARs Frequently Asked Questions, Reporting via SAR Online…

Home Office updates Policy Paper on Fraud Strategy: stopping scams and protecting the public

June 1, 2023

This strategy sets out how government, law enforcement, regulators, industry, and charities will work together to cut fraud incidents by 10% from 2019 pre-Covid levels. The UK Govt has already started by committing £100 million of new money to bolster law enforcement …

JMLSG proposed revisions to Part 1 of its Guidance

May 25, 2023

JMLSG proposes guidance revisions accounting for amendments on discrepancy reporting, as introduced by ML/ TF Reg 2022. and mitigation of impersonation risk. The deadline for comments on the proposed revisions is 26 June 2023…

FCA continues action against unregistered crypto ATMs across the UK

May 9, 2023

The FCA has used its powers to inspect sites suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on this illicit sector. There are no crypto ATM operators registered with the FCA, which they must be to operate legally…

NCA dismantles ML and people smuggling network

May 9, 2023

16 people have been convicted following a major NCA investigation into a West London-based organised crime group involved in international ML and people smuggling. The network smuggled in excess of £42 million in cash out of the UK, making hundreds of trips…

Gambling Commission’s plans for implementation of the Gambling Act Review White Paper

May 3, 2023

The White Paper committed to increase regulatory powers to tackle illegal gambling and to facilitate cross-government collaboration on a number of areas. The first set of White Paper-related LCCP consultations will be published this summer and pre-consultation…