Category Financial Crime

EP updates on MLD5 and IDD votes

The EP’s Legislative Observatory has been updated to indicate: a date of 16 April for a hearing on MLD5; and a date of 28 February for a hearing on the IDD extension.

EU updates North Korea sanctions

The EU has added to its list of designated persons in relation to North Korea to align its list with UN measures. The EU has already autonomously listed several others.  The Council now intends to ensure swift transposition of the changes.

TI criticises UK role in laundering

Transparency International has highlighted and criticised the role London plays in international money laundering. It comments on a new investigation focusing on structures used to help sell frozen assets of the former Ukrainian President. TI notes the key role that UK based professionals helped structure the web of companies that allowed the sale to take place. […]

Wolfsberg Group updates on correspondent banking DDQ

The Wolfsberg Group has updated on its work on the correspondent banking due diligence questionnaire, which it updated in October 2017. Following a review and feedback, it has decided only to publish the DDQ more widely when there is an additional set of materials. This will provide better and more focused guidance and set out […]

JMLSG updates guidance

JMLSG has published further amendments to its Guidance, most recently updated in June 2017, and submitted the entire revised Guidance to Treasury for approval. Atlhough the amended Guidance will have legal status only when approved, firms can now use the amended provisions if they wish.

Treasury confirms establishment of Office for Professional Body AML Supervision

Following the announcement earlier this year of the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which will operate within the FCA to oversee the 22 accountancy and legal professional body AML supervisors in the UK, the Treasury has confirmed that the necessary OPBAS regulations have been laid in Parliament and will take effect […]

FCA publishes distributed ledger technology feedback statement

Following the publication of its discussion paper regarding the risks and opportunities, and characteristics of distributed ledger technology (DLT) in April 2017, the FCA’s feedback statement FS17/4 sets out responses received and the FCA’s next steps. The responses related to the following issues: operational risk, including outsourcing and network security; digital currency, including digital currency […]

Agreement on the EU proposals to prevent money laundering and terrorism financing reached

The European Parliament and the Council has announced they have reached a political agreement on the EU Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing. This revision of the Fourth Anti-Money Laundering Directive, aims at: increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers; […]

Government publishes anti-corruption strategy

The Department for International Development and the Home Office have published the UK’s anti-corruption strategy for 2017- 2022. It is predicated on six priorities, which include strengthening the integrity of the UK as an international financial centre and reducing corruption in public procurement and grants. Initiatives will include: greater transparency over ownership and control of […]

FCA highlights transaction reporting and MAR issues

The latest edition of Market Watch looks at: a reminder that an investment firm’s transaction report must reflect the transaction from its own perspective, reporting its immediate counterparty or client (whether or not subject to MiFIR). Whether to report at block or allocation level depends on what the immediate counterparty confirms as “executions” a reminder […]