Tag Archives: money laundering

EU adopts measures on criminal sanctions for money laundering

The EU has adopted a Directive on criminal sanctions for money laundering. The Directive: sets minimum requirements for Member States’ laws on defining criminal offences and sanctions in relation to money laundering; imposes a maximum 4 years’ imprisonment with the possibility for additional civil and administrative sanctions; introduces the possibility of holding legal entities liable […]

New rules to prevent money laundering and combat terrorism financing in force

The European Commission (the Commission) announced that MLD5 entered into force on 9 July 2018. The new rules introduce stricter transparency requirements, including full public access to the beneficial ownership register for companies.  Some of the key improvements include limiting the use of anonymous payments through pre-paid cards and widening customer verification requirements. Věra Jourová, […]

NCA and TI warn of Brexit ML risks

The NCA and Transparency International have warned of the risks Brexit presents of the UK being used as a vehicle for money launderers and corruption. Responding to the NCA’s identification of the risks, TI said: the UK should speed up plans to introduce a public register of the real owners of overseas companies that buy […]

BEIS consults on SLP reform

BEIS is consulting on reforms to the laws governing Scottish Limited Partnerships to address the illegitimate uses to which some SLPs have been put. The Government has found evidence that SLPs have been exploited by money launderers, including one scheme that used over 100 SLPs to move up to $80bn. The proposals include introducing safeguards […]

EP votes through MLD5

The European Parliament adopted in plenary session on 19 April  the proposals for MLD5. In an EP press release prior to the vote: the proposals to require public access to beneficial ownership information, to introduce registers for beneficial ownership of trusts and for banks accounts and safe deposit boxes were highlighted as important measures; EP […]

Treasury calls for evidence on digital payments

Treasury has published a call for evidence on the role of cash and digital payments in the new economy. It asks for views by 5 June to help it explore how it can support digital payments, support transition from cash economies while maintaining support for cash payments for that that need it, and of course […]

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. […]

Commission consults on central bank account registry access

The European Commission has opened a public consultation on broadening law enforcement access to centralised bank account registries, with a view to increasing the speed and effectiveness with which authorities can trace criminal assets and investigate corruption. Targeted at consumers, law enforcement agencies and almost all within the banking sector, the consultation seeks to collect opinions […]

Treasury makes MLR 2017 and JMLSG finalises guidance

Treasury has published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which were laid before Parliament late on 22 June to come into force to meet MLD4 deadlines, on 26 June. JMLSG has also published the finalised updates to its guidance, which it now needs to submit to […]

Council pushes forward on AML criminal laws

The Council of the EU has adopted its position on the proposal for a Directive to set minimum rules defining criminal offences and sanctions relation to money laundering.  Now the EP needs to decide on its position before negotiations towards adoption of the Directive can start.

Presidency publishes money laundering crimes general approach

The Presidency has confirmed to the Council the general approach to the Directive on countering money laundering by criminal law.  It has also published the consolidated compromise text of the proposed Directive.  The Presidency now asks the Council to reach a general approach, as the basis for discussions with the European Parliament. The Directive sets out […]

JMLSG consults on updated guidance parts 2 and 3

JMLSG is consulting, until 26 May, on updates to parts of its guidance within parts 2 and 3.  It has already published a mark up of part 1 of the guidance for comment.  Certain parts of part 2 have not been changed (yet, although the entire part will be updated with new references in due […]

FCA to investigate HBOS Reading

FCA has restarted the investigation it originally commenced in 2013, into misconduct within the Impaired Assets team of HBOS based in Reading. It had stopped the investigation while the police were investigating corruption and fraud case involving, among others, HBOS employees. The criminal investigation resulted in convictions for fraud, money laundering and corruption of five individuals.

Parliament seeks clarity on ML allegations

An urgent question asked in the House of Commons on 21 March asked the Chancellor to comment on allegations of money laundering against British banks. Simon Kirby, Economic Secretary to the Treasury, took the question, and said FCA and the NCA would be investigating closely whether recent media reports of money laundering from Russia would require […]

ESAs warn on AML risks

The European Supervisory Authorities have warned the European Commission about the risks of money laundering and terrorist finance that affect the EU financial sector. The ESAs think many firms do not properly understand and manage their ML/TF risk, and also says firms sometimes find it hard to get information and intelligence that might speed up […]

FCA consults on regulatory fees and levies

FCA is consulting on policy proposals for regulatory fees and levies in 2017/18. The main areas in which it proposes to increase its fees are to cover its costs of tackling illegal money laundering and of implementing the MiFID 2 package. It notes it will keep under review all its proposals in light of Brexit. […]