Financial crime
Read thoughts from Allen & Overy on financial crime issues in the context of financial services investigations.
10 January 2020 - Money Laundering Post by:
Changes to the UK anti-money laundering regime come into force today, implementing the EU’s Fifth Anti-Money Laundering Directive (5MLD) and Financial Action Task Force (FAFT) recommendations. We summarise the key changes made to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) by the Money Laundering and Terrorist › Read More
Sanctions post-Brexit – avoid traps for the unwary
17 December 2019 - Brexit , Financial sanctions Post by:
A new UK sanctions regime in a hard Brexit scenario is expected to broadly mirror that which is in place in the EU. However, there will be some key differences. Businesses should be alert to these differences in order not to breach any post-Brexit new UK sanctions or existing EU sanctions. There are some real › Read More
SARS extended moratorium period used sparingly, reveals NCA report
06 December 2019 - Money Laundering , White Collar Crime Post by:
The NCA Suspicious Activity Reports Annual Report 2019 reports that the NCA received a record number of SARs, including over 50% more requests for a Defence Against Money Laundering (DAML). While the number of DAML SARs that are granted remains high, the use of a new power to extend the moratorium period to up to › Read More
Anti-Money Laundering: HMRC raises its game
21 November 2019 - Post by:
The UK’s fight against money laundering is not breaking news. In particular, the regulatory spotlight has increasingly been focused on anti-money laundering (AML) compliance. In light of HM Revenue & Customs’ (HMRC) largest ever fine against the money transmitter Touma Foreign Exchange Ltd (Touma), the question arises of whether the enforcement spotlight is shifting away › Read More
International tier one telecoms carrier fined for sanctions breach
30 October 2019 - Post by:
The UK financial sanctions enforcer, the Office of Financial Sanctions Implementation (OFSI), announced on 28 October a fine of a UK subsidiary of an international tier 1 telecoms carrier (the Company) for indirectly facilitating international telephone calls to SyriaTel, a designated entity under EU financial sanctions on Syria, implemented by the Syria (European Union Financial Sanctions) › Read More