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JMLSG consults on proposed revisions to Sector 18 (Wholesale markets) in Part II of its Guidance

May 25, 2024

The deadline for comments on the proposed revisions is 1 July 2024.

UK Law Society reveals that two-fifths of organised crime networks launder money through property

May 24, 2024

Organised crime is one of the biggest economic crime threats in the UK and Europe. New Europol research shows 41% of the most threatening criminal networks launder through property and 86% make use of legal business structures…

OFSI issues updated Industry Guidance on UK Maritime services ban and oil price cap

May 24, 2024

Russia’s invasion of Ukraine, the UK and its allies have imposed some most severe sanctions against Russia. This targets Russia’s most profitable revenue stream – the sale of oil products – while also ensuring that these products continue to be exported to non-EU countries. The measures are intended to reduce Russia’s revenues from its oil exports by targeting the maritime transport of goods of Russian origin…

NCA has secured the first Unexplained Wealth Order in Northern Ireland against a man suspected of involvement in serious organised crime

May 23, 2024

The Order compels the man and his wife to explain the source of funds used to construct a property in County Armagh worth approximately £275,000. NCA investigators believe that the man, who is now resident in the Republic of Ireland, has connections to paramilitary activity, cigarette smuggling and money laundering…

RUSI releases commentary on the UK Govt’s launch of its first strategy to tackle the silent threat of fraud to national security

May 23, 2024

The covid pandemic was a contributing factor to the issue, crime had skyrocketed to the point where the UK economy was estimated to be losing £190billion because of its enormous scope and connections to both organized crime and terrorism, fraud has come to be perceived by many as a “silent threat” to national security. The legislative framework for tackling fraud formulating by scheduling new draft to banning possession of SIM Farms…

BBC: Fake Olympics and Taylor Swift tickets are the two biggest online scams that are fuelling fraud

May 22, 2024

The abuse of online platforms continued to leave people vulnerable as the criminals stole £1.17bn in 2023, down 4% from 2022. It called on tech companies to do more to help stop the scams. Consumers lost £86m last year to purchase scams, in which they agreed to pay for something that never materialised, The alert came as the banking lobby group reported that the number of people tricked by romance fraud and purchase scams jumped to new highs last year…

FCA charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media

May 20, 2024

The FCA has accused Emmanuel Nwanze of operating an unlawful investment scheme and issuing unlawful financial promotions. Nwanze-Thompson, used an Instagram account, named Holly_Fxtrends, to advise on buying and selling CFDs when they were not entitled to do so…

Institute of Economic Affairs publishes research ‘Debanked: The economic and social consequences of anti-money laundering regulation’

May 16, 2024

Alleges that Anti-money laundering regulations ‘force banks to cancel the accounts of innocent customers’.

Home Office updates the modern slavery statement registry to encourage UK companies to help the Govt’s efforts to tackle this crime

May 11, 2024

The changes will encourage businesses to upload their annual modern slavery statements in a timely way and support them to publish robust statements. Modern slavery statements help reduce the risk of forced labour being used in UK supply chains by increasing transparency and allowing consumers to make informed choices…

UK Payment Systems Regulator (PSR) proposes expansion of APP reimbursement scheme to CHAPS with the aim to prevent fraudsters from switching their operations to alternative payment systems

May 10, 2024

The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was not made for its intended purpose, the proposed rules aim to encompass indirect participants of CHAPS, thereby widening the range of protection…

UK releases updated guidance on Russia sanctions

May 9, 2024

The prohibitions and requirements imposed by the Regulations apply within the territory of the United Kingdom (UK) (including Northern Ireland) and in relation to the conduct of all UK persons wherever they are in the world. UK persons includes British nationals, as well as all bodies incorporated or constituted under the law of any part of the UK. Accordingly, the prohibitions and requirements imposed by the Regulations apply to all companies established in any part of the UK, and they also apply to branches of UK companies operating overseas…

Home Office publishes new powers to seize crypto-assets used by criminals go live

May 8, 2024

The government has updated proceeds of crime and terror legislation, making it easier for UK law enforcement to effectively investigate, seize and recover illicit cryptoassets. These changes include police will no longer be required to make an arrest before seizing crypto from a suspect – this will make it easier to take assets which are known to have been criminally obtained, even if sophisticated criminals are able to protect their anonymity or are based overseas items that could be used to give information to help an investigation, such as written passwords or memory sticks, can be seize…

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