United Kingdom

Topic: Money laundering

Subscribe to Money laundering RSS feed

Canadian Cannabis and Money Laundering Risks for UK Business

Medical cannabis is already big business in Canada. With the production of recreational cannabis due to be legalised there in October 2018 that business is expected to continue to grow, with Deloitte estimating that the total legal cannabis market will generate some CAD4.34 billion in 2019. However, UK corporates and financial institutions wishing to invest … Continue Reading

Commission Delegated Regulation supplementing the 4MLD

There has been published in the OJ, Commission Delegated Regulation (EU) 2018/1108 of 7 May 2018 supplementing the Fourth Anti-Money Laundering Directive with regard to regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions. The Delegated Regulation … Continue Reading

The Law Commission consultation on reforming the SARs regime: Key takeaways for the financial sector

We have published a briefing analysing the key proposals in the Law Commission’s consultation on the SARs regime. The link can be found here: http://www.nortonrosefulbright.com/knowledge/publications/169657/the-law-commission-consultation-on-reforming-the-sars-regime-key-takeaways-for-the-financial-sector    … Continue Reading

FATF report on professional money laundering

On 26 July 2018, the Financial Action Task Force (FATF) published a report that looks at the techniques and tools used by professional money launderers (PMLs), to help countries identify and dismantle them. The report identifies the key characteristics of the individual PML, the professional money laundering organisation and the professional money laundering network of … Continue Reading

The Law Commission consults on SARs regime

On 20 July 2018, the Law Commission published a consultation paper on anti-money laundering and the Suspicious Activity Reports (SARs) regime. The Law Commission is seeking consultees for their views on a ranged of proposed solutions to remedy the detrimental impact of the SARs regime on the financial sector. The consultation paper has three principal … Continue Reading

EBA publishes final guidelines on fraud reporting under PSD2

On 18 July 2018, the European Banking Authority (EBA) published final guidelines on fraud reporting under the revised Payment Services Directive (PSD2). The guidelines require payment service providers across the EU to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions and data breakdowns. The next step is … Continue Reading

FATF papers

On 18 July 2018, the Financial Action Task Force (FATF) published its report to the July 2018 G20 Finance Ministers and Central Bank Governors’ meeting. The report sets out FATF’s ongoing work to fight money laundering and terrorist financing. Such work includes de-risking and money laundering and terrorist financing risks of virtual currencies / crypto … Continue Reading

HM Treasury publishes advisory notice on money laundering controls in overseas jurisdictions

On 11 July 2018, HM Treasury published an advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions. The notice replaces previous advisory notices issued by HM Treasury on the subject. The advisory notice refers to the two statements published by the Financial Action Task Force (FATF) identifying jurisdictions with strategic deficiencies … Continue Reading

FATF Draft Guidance for life insurance and securities sectors on risk-based approaches to AML and CTF begins consultation

  The Financial Action Task Force (FATF) has published two sets of draft guidance for public consultation: The Draft Risk-based approach Guidance for the Life Insurance Sector is aimed at insurers and intermediaries providing life insurance and other investment-related insurance products, as well as countries and their supervisory authorities. The risk-based approach is pivotal to … Continue Reading

Member States’ transposition of the 4MLD

On 25 June 2018, the European Commission published the speaking points from Commissioner Jourova’s (in charge of justice, consumers and gender equality) speech in front of the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance. In her speaking points Commissioner Jourova states that the transposition by Member States of the 4th Anti-Money Laundering … Continue Reading

5MLD now published in OJ – what are the main changes to the 4MLD?

Background On 19 June 2018, there was published in the Official Journal of the EU (OJ) the Fifth Anti-Money Laundering Directive (Directive 2018/843). The Directive is part of the Commission’s Action Plan of February 2016 to strengthen the EU‘s fight against terrorist financing. It sets out a series of measures to better counter the financing … Continue Reading

Further amendments to JMLSG guidanceFurther amendments to JMLSG guidance

On 18 May 2018, the Joint Money Laundering Steering Group (JMLSG) published revised versions of two of the sectors in Part II of its Guidance – 12: Asset Finance and 17: Syndicated lending – on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The JMLSG state that … Continue Reading

Council adopts 5MLD

On 14 May 2018, the Council of the EU adopted the Fifth Anti-Money Laundering Directive (5MLD). The adoption of the 5MLD follows the European Parliament’s adoption of the Directive on 19 April 2018. The text adopted by the Council is in the same form as that adopted by the European Parliament except for minor drafting … Continue Reading

Commission adopts Delegated Regulation on 4MLD central contact points

On 7 May 2018, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (4MLD) regarding regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their function. The Delegated Regulation is based on the draft regulatory … Continue Reading

ECB letter regarding AML risks

On 3 May 2018, the European Central Bank (ECB) published a letter from its chair, Daniele Nouy, to Sven Giegold MEP. In the letter Ms Nouy discusses money laundering incidents, information exchange regarding money laundering risks and the integration of those risks in ECB prudential supervision. Ms Nouy notes among other things that: there is … Continue Reading

European Parliament adopts MLD 5

On 19 April 2018, the European Parliament issued a press release stating that it had adopted the Fifth Anti-Money Laundering Directive (5MLD). The next step is for the 5MLD to be formally adopted by the Council. Following that it enters into force three days after its publication in the Official Journal of the EU. Member … Continue Reading

Wolfsberg Group country risk FAQs

On 19 March 2018, the Wolfsberg Group published FAQs on how to manage country risk in the context of financial crime compliance. The term “country risk” has typically referred to the additional risk created by investing in, or lending cross border to, a foreign country in the context of credit facilities. Therefore, when assessing a … Continue Reading

FATF report to G20 Finance Ministers and Central Bank Governors

On 16 March 2018, the Financial Action Task Force (FATF) published a report to G20 Finance Ministers and Central Bank Governors. The report sets out FATF’s on-going work to fight money laundering and terrorist financing focusing on areas such as improving transparency and the availability of beneficial ownership information and bank de-risking. Among other things … Continue Reading

JMLSG publishes joint revisions to two sectors of Part II of its guidance

On 8 March 2018, the Joint Money Laundering Steering Group published proposed revisions to two sectors in Part II of its Guidance. The proposed revisions are to sector 12 (asset finance) and sector 17 (syndicated lending). The proposed amendments to not change the substance of the guidance but seek to describe in more current terms … Continue Reading

Wolfsberg Group updates CBDDQ

The Wolfsberg Group has published an updated version of its Correspondent Banking Due Diligence Questionnaire (CBDDQ) and related guidance material (Completion Guidance, FAQs and Glossary). The CBDDQ aims to set an enhanced and reasonable standard for cross-border and / or other higher risk Correspondent Banking Due Diligence, reducing to a minimum any additional data requirements. … Continue Reading

HM Treasury AML / CTF supervision report 2015-17

HM Treasury has published its latest anti-money laundering and counter-terrorist financing (AML / CTF) supervision report covering 2015 to 2017. The report incorporates activity undertaken in 2015/16 and 2016/17, which supervisors provided to support the UK’s submission to the Financial Action Task Force (FATF), to demonstrate the effectiveness of the UK’s supervisory regime. The report … Continue Reading

Home Office Circular: Criminal Finances Act 2017 – sharing information within the regulated sector

The Home Office has issued guidance setting out the principles for sharing information within the regulated sector, and between the regulated sector and an authorised officer of the National Crime Agency. The Criminal Finances Act 2017 introduces new sections 339ZB – 339ZG into the Proceeds of Crime Act 2002, and new sections 21CA to 21CF … Continue Reading
LexBlog