Risk and Compliance monthly update - September 2019

Risk and Compliance monthly update - September 2019

This month we cover issues including Brexit, crime prevention, AML & counter-terrorists financing and GDPR as well as a Q&A on money laundering.

In this issue:

  • Brexit
  • Crime prevention
  • AML & counter-terrorist financing
  • GDPR and data protection
  • Information management & security 


Brexit the final countdown?

Has the House of Commons missed its opportunity to avert a no-deal Brexit? Malcolm Dowden, Legal Director at Womble Bond Dickinson (UK) LLP considers the options, concluding that it would take a seismic shift in the current political and administrative position to prevent, or even delay, Brexit. Meantime, lawyers, individuals, and businesses must work with the available facts, and prepare for no-deal as a foreseeable outcome. See News Analysis: Brexit―the final countdown?

The Law Society has published an update on its bilateral discussions with EU bars on post-Brexit relations. It says the Law Society would de facto no longer be a full member of the Council of Bars and Law Societies of Europe in the event of a no-deal Brexit as the UK delegation would have severely limited participation. The Society also sets out the current state of play in relation to Belgium, France and Germany. See: LNB News 01/08/2019 28.

The University College London European Institute has raised serious concerns over the no-deal Brexit arrangements for personal data flows between the EU and the UK, particularly regarding the economic sphere. The Institute highlights that 75% of the UK’s international data flows are with the EU, and much UK economic activity is dependent on these flows. Therefore, the Institute warns of significant disruption to EU–UK personal data flows in the event of a no-deal Brexit which would result in no adequacy decision. See: LNB News 27/08/2019 6.

John Binns, partner in the business crime and corporate regulatory department of BCL Solicitors LLP and member of the Lexis®PSL Corporate Crime Consulting Editorial Board, considers the potential impact of Brexit on the UK’s anti-money laundering laws. See News Analysis: The UK’s anti-money laundering laws post-Brexit—will it make any difference?

No-deal Brexit guidance

Government departments have issued various new and updated guidance to help stakeholders prepare

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