Financial crime
Read thoughts from Allen & Overy on financial crime issues in the context of financial services investigations.
21 February 2018 - Edward Einfeld
The Australian Federal Police (AFP) and the Commonwealth Director of Public Prosecutions (CDPP), the Australian government agencies responsible for investigating and prosecuting foreign bribery, have recently released joint best practice guidelines that indicate how they will approach self-reporting of foreign bribery and related offences by corporations (the Guidelines). The Guidelines seek to provide greater clarity › Read More
Using artificial intelligence to fight financial crime – a legal risk perspective
14 February 2018 - Ian Rodgers
The Head of the Financial Crime Department at the UK Financial Conduct Authority (the FCA), Rob Gruppetta, gave a speech on “Using artificial intelligence to keep criminal funds out of the financial system” in December 2017. In it, he explored how artificial intelligence (AI) could potentially be used to prevent financial crime, and for anti-money › Read More
UK National Economic Crime Centre: a period of stability for UK economic crime, but is it enough?
07 February 2018 - Christian Parker
In December 2017, the UK Government announced creation of a new National Economic Crime Centre (NECC) as part of the Government’s Anti-Corruption Strategy (ACS). Amber Rudd’s announcement outlined that the UK will introduce a multi-agency NECC, and formalised the UK’s approach to economic crime, in an attempt to ensure the UK maintains its “reputation as › Read More
Unexplained Wealth Orders (and remainder of the Criminal Finances Act) come into force
31 January 2018 - Calum Macdonald
You have the right to remain silent. However – under changes to the Proceeds of Crime Act 2002 – it may cost you. With effect from 31 January 2018, the Criminal Finances Act 2017 introduces an Unexplained Wealth Orders regime in the UK. What are Unexplained Wealth Orders? An Unexplained Wealth Order (UWO) › Read More
OPBAS, the UK’s new anti-money laundering supervisor, becomes operational
16 January 2018 - Calum Macdonald
A new year, a new role for the Financial Conduct Authority (FCA). On 18 January 2018, the UK’s new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) comes into effect. OPBAS is intended to be a ‘supervisor of supervisors’ with the aim of ensuring that professional body anti-money laundering supervisors comply with the UK’s anti-money › Read More