Latest legal and regulatory news : 18th January

Latest legal and regulatory news : 18th January

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Risk & Compliance

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Risk & Compliance

Data protection

The Information Commissioner’s Office (ICO) has published updated FAQs on information rights following the end of the Brexit implementation/transition period. See: LNB News 08/01/2021 20.

The ICO has secured the sentencing of a motor insurance employee to eight months’ imprisonment (suspended for two years). RAC employee Kim Doyle transferred personal data to an accident claims management firm without authorisation. Doyle pleaded guilty to conspiracy to secure unauthorised access to computer data and to selling unlawfully obtained personal data pursuant to section 1 of the Computer Misuse Act 1990. This was the ICO’s second prosecution under the Computer Misuse Act 1990. See: LNB News 11/01/2021 6.


 

Financial crime prevention

In a letter to the European Commission President, Ursula von der Leyen, and Chief Brexit Negotiator, Michel Barnier, two Greens MEPs have highlighted the lack of appropriate anti-money laundering rules (AML) in the UK-EU Trade Cooperation Agreement (TCA). Philippe Lamberts MEP and Sven Giegold MEP outline how ‘the rules in the draft agreement on money laundering and terrorist financing repeat and freeze some of the major shortcomings of the EU’s current anti-money laundering rules’, recognising that current EU AML rules are ‘inadequate’. In the letter, Lamberts and Giegold detail how the missing ‘regulatory alignment’ is ‘deeply concerning’, with apprehensions that the omission may well influence investment decisions. They concede that, despite the limited benefits for the UK in the TCA, there is nothing in the draft agreement stopping the UK from becoming a ‘Singapore on Thames’ in terms of taxation and AML policies. See: LNB News 07/01/2021 52.

The Office of Financial Sanctions Implementation (OFSI) has revoked three general counter-terrorism licences relating to the provision of insurance

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About the author:
Allison is a former partner of Shoosmiths, with extensive experience of legal management and practice compliance.