On 27 June 2024, the Court of Appeal handed down judgment in World Uyghur Congress v National Crime Agency [2024] EWCA Civ 715. The challenge of a 2023 decision by the High Court was brought by World Uyghur Congress ("WUC")...more
The UK Financial Conduct Authority (FCA) has brought criminal charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media....more
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) introduces two new "pay away" exemptions to the principal money laundering offences in sections 327, 328 and 329 of the Proceeds of Crime Act 2002 (POCA)....more
It’s certainly true that the UK criminal authorities have been crying out for a shot in the arm in the form of legislative reform, but will changing the law really help the Serious Fraud Office ("SFO") achieve more corporate...more
Companies operating in the UK – whether incorporated in the UK or simply carrying on a business in the UK are entering into a period of significant change in the way corporate crime is going to be investigated and prosecuted....more
On 11 April 2023, the UK Government announced the introduction of a new corporate “failure to prevent fraud” offence, which will be brought into legislation through the Economic Crime and Corporate Transparency Bill (the...more
In a debate in the House of Commons on Wednesday 26 January 2023, MP Tom Tugendhat indicated that a major reform to corporate criminal liability is imminent. In this article, we take a look at why this reform has been called...more
Identifying and reporting instances of potential market abuse is required under the Market Abuse Regulation ('MAR'). A firm must have effective arrangements, systems and procedures in place to detect and report suspicious...more
Undertaking screening for negative news, also known as adverse news or adverse media, assists financial institutions to understand the risks posed by existing and prospective customers....more
In March of this year, Parliament fast-tracked the Economic Crime (Transparency and Enforcement) Act in response to Russia’s invasion of Ukraine. The Act received royal assent on 15 March 2022 and sets out measures to tackle...more
In recent years, the financial services industry has seen an exponential growth in the popularity of challenger banks in the UK. Digitally-driven, technologically innovative and efficient onboarding processes are some of the...more
A Director of Enforcement at the Financial Conduct Authority (FCA) has set out some of the key challenges the regulator expects in its new role as AML/CTF (anti-money laundering/counter terrorist financing) supervisor for...more
3/10/2020
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