Tag Archives: money laundering

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. […]