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In this issue:
Financial crime & sanctions
Additional Risk & Compliance updates this week
LexTalk®Risk & Compliance: a Lexis®PSL community
Daily and weekly news alerts
New and updated content
New self-isolation obligations on employers and workers that carry criminal sanctions
Legal obligations in relation to self-isolation, applying to employers, workers, agency workers, agents and principals, contraventions of which carry criminal sanction, were brought into force on 28 September 2020 by the Health Protection (Coronavirus, Restrictions) (Self-Isolation) (England) Regulations 2020. This report analyses them. See News Analysis: New self-isolation obligations on employers and workers that carry criminal sanctions.
ICO updates regulatory approach document
The Information Commissioner’s Office (ICO) has updated its regulatory approach document, published in response to the coronavirus (COVID-19) pandemic. The update is informed by what organisations have told the ICO about their capacity and takes account of increasing operational resilience as organisations start to recover. It is another step towards returning to the ICO’s approach before coronavirus, but with the caveats and exceptions intended to reflect the current situation. See: LNB News 24/09/2020 70.
The Financial Action Task Force (FATF) has released a statement on the publication of reports by media outlets about the disclosure of suspicious activity reports (SARs) documents filed by financial institutions with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). FATF has refused to comment on information from SARs or suspicious transaction reports, as this is confidential information under the FATF standards. FATF nonetheless emphasises the importance for all countries and private entities to implement its standards to help prevent money laundering and terrorist financing, including filing suspicious transaction reports with competent authorities. See: LNB News 24/09/2020 32.
The ‘FinCen Papers’ look set to become the next Panama Papers, where confidential information has been leaked, lifting the lid on the sheer scale of financial crime and money laundering. Gary Pons, barrister at 5SAH Chambers specialising in complex financial cases and recovery of the proceeds of crime, considers the publication of the FinCen Papers, containing over 2100 SARs from FinCen, the problems with the SARs regime it reveals and suggests that it might be an opportunity to improve the SARS regime. See News Analysis: How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime.
OFSI confirms eight additions to Consolidated List subject to asset freezing
The Office of Financial Sanctions Implementation (OFSI) has published a new Global Human Rights Financial Sanctions Notice. The Notice confirms that eight entries have been listed in the annex to the Notice, added to the Consolidated List and therefore subject to asset freezes under the Global Human Rights Sanctions Regulations 2020, SI 2020/680. See: LNB News 30/09/2020 82.
Lawyers and legal practice—further Brexit transition guidance from Ministry of Justice
The Ministry of Justice has published new guidance pages for lawyers and legal services providers practising in the UK, EU, Iceland, Liechtenstein, Norway or Switzerland from 1 January 2021 to help legal professionals prepare for the end of the transition period. With legislation and new systems for recognition of professional qualifications pending, further guidance will be issued as the transition period progresses, so stakeholders are advised to monitor these pages for updates. See: LNB News 30/09/2020 78.
FCA BI test case—‘precautionary’ leapfrog applications to appeal to Supreme Court made
The Financial Conduct Authority (FCA) has confirmed, in a press release dated 29 September 2020, that it has made a ‘precautionary’ leapfrog application to appeal to the Supreme Court parts of the decision of the business interruption (BI) test case for losses arising out of coronavirus. See: LNB News 29/09/2020 1.
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Practice Note: What’s new and what’s changed in 2020—Risk & Compliance contains a summary of substantive changes to our content.
Updated Practice Notes
• Personal data sharing between controllers
• Brexit legislation tracker
• Supply chains under data protection law—arrangements between controllers and processors
• Coronavirus (COVID-19)—safe working in an office environment
• AML and counter-terrorist financing policy
• Coronavirus (COVID-19) workplace risk assessment and plan—offices
• Coronavirus (COVID-19)—safe working in an office environment—checklist
Lexis®PSL Risk & Compliance has a dedicated area on the Key Resources section of the home page that tracks interesting and important cases, legislation, consultations and other key developments in the world of practice compliance. For more information, see: Risk & Compliance forecast as at 22 September 2020.
• What money laundering and terrorist financing red flags do I need to look out for in a transaction or matter involving virtual assets?
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