UK banks have been put under immense pressure to tighten their sanctions compliance measures following the decision by the Office of Financial Sanctions Implementation (OFSI) to fine a lender involved in a transfer of £200 in breach of an asset freeze. Partner Anna Bradshaw comments, “Banks should be carefully examining their compliance controls and systems […]
We’re not expecting to see much of a dramatic change, in terms of how breaches are punished or how they are enforced, But we may well see changes to the reporting obligations, which at the moment apply to a relatively limited subset of regulated businesses and professions, as well as the financial sector, that may […]
We are delighted to announce that Brian McDonald has been shortlisted as “Employer Mentor / Line Manager of the year” in the Just IT Apprenticeship awards 2019. Read more.
The UK Government intends to reform the law on limited partnerships as part of its strategy to combat money laundering, other economic crimes and the use of UK entities in such schemes.Read more
The UK’s Office of Financial Sanctions Implementation, or OFSI, announced its first civil monetary penalty on Monday, fining a UK bank £5,000 for processing a £200 transaction in breach of an asset freeze. Partner Anna Bradshaw tells ACAMS Moneylaundering.com: “OFSI have not until now given any indication that low-value sanctions violations are perceived as a […]
The Private Prosecutors’ Association (PPA) has launched a consultation on its draft Code for Private Prosecutors. Private prosecutors have an obligation to act as ministers of justice; they must act impartially and comply with onerous disclosure obligations. However, private prosecutions give rise to issues and challenges that differ from those in public prosecutions. Whilst various […]
In January, the last of the criminal trials into the 2014 Tesco accounting scandal collapsed. In yet another blow for the SFO, the case has exposed a number of fundamental issues with DPAs, placing the prosecutor’s use of the settlement regime under the spotlight. Read more
Hannah Laming provides an overview of the main corruption and fraud risks potentially arising from third- party and counterparty relationships, as well as lessons that can be learnt from recent high profile cases. Read more.
At the end of 2018, a little-noticed provision came into force, which potentially places a host of ‘draconian’ UK law enforcement weapons into the hands of countries with little respect for the rule of law. Read more.
Interviewed by MoneyLaundering.com, Partner Anna Bradshaw comments on some of the issues raised by the EU Commission’s revised list of third countries with weak anti-money laundering and terrorist financing regimes: “A competing EU blacklist is problematic in principle, both in terms of what it is ultimately trying to achieve and what specific compliance steps or […]
