On 19 November 2024, HM Treasury (HMT) published an updated version of its guidance, Money Laundering Advisory Notice: High Risk Third Countries.
The guidance contains advice issued by HMT about risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls.
In the November update, the guidance has been amended to
On 29 October 2024, the Financial Action Task Force (FATF) published the outcomes of its plenary on 23 – 25 October 2024.
Key points from the plenary include that FATF:
Information sharing by regulated firms
On 4 October 2024, the Department for Business & Trade published guidance (the Guidance) on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
The purpose of the Guidance is to support firms operating in the “regulated sector” within Schedule 9 of
In the latest instalment of our Regulation Around the World series, Financial Services partners in 15 jurisdictions cover recent developments concerning anti-money laundering.
Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the
On 30 September 2024, the Joint Money Laundering Steering Group (JMLSG) published revisions to Sector 18 (Wholesale markets) in Part II of its Guidance.
The revisions, which the JMLSG consulted on earlier in 2024, have been submitted to HM Treasury for Ministerial approval.
The UK failure to prevent fraud offence has been long awaited. We are receiving a number of queries from clients about when the UK government’s “reasonable procedures” guidance is due to be published, when the offence will come into force and what they should be doing now to prepare.
In short:
The growth of the UK gambling market, in particular online, has brought with it new opportunities for exploitation by criminals. Awareness of the way in which criminals may seek to use operators to launder the proceeds of crime and robust controls to prevent this is therefore key. As part of our Financial Crime Spotlight series
The UK art market is one of the biggest such markets in the world, second only to China and the US, attracting high value items from around the globe. Several unique features make the UK art market attractive to money launderers and those financing terrorism. As part of our Financial Crime Spotlight series, we have
On 18 July 2024, the Financial Conduct Authority (FCA) published the results of its multi-firm review on the treatment of politically exposed persons (PEPs), and launched a consultation (GC24/4) on proposed changes to its guidance on the subject.
Background
Financial services firms are required (under the Money Laundering, Terrorist
On 9 July 2024, the Financial Action Task Force (FATF) published a report which provides the latest update on jurisdictions’ compliance with FATF’s Recommendation 15 and its Interpretative Note. In 2019 Recommendation 15 was updated to apply anti-money laundering and counter-terrorist financing (AML/CFT) measures to virtual assets (VAs) and