Risk and Compliance Update - 15th April

Risk and Compliance Update - 15th April

In this issue:

Data protection

Financial crime prevention

Sanctions and export controls



Data protection


EDPB announces outcome of 48th plenary session

The European Data Protection Board (EDPB) has announced the outcome of its 48th plenary session. Key announcements include the adoption of: opinions on the draft adequacy decisions for the UK under the EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) and Directive 2016/680/EU, the Law Enforcement Directive (EU LED); guidelines on the application of Article 65(1)(a) of the EU GDPR to delineate the main stages of the dispute resolution procedure and clarify the competence of the EDPB when adopting a legally binding decision on the basis of Article 65(1)(a) of the EU GDPR; a final version of the guidelines on the targeting of social media users; and a statement on international agreements including transfers.

In its statement on the draft adequacy decisions, the EDPB indicates that it has identified many aspects of the UK regimes to be essentially equivalent to the EU. However, the EDPB also stressed this alignment should be maintained and welcomed the European Commission’s decision to limit the proposed adequacy decisions in time and the intention to closely monitor developments in the UK.

See: LNB News 15/04/2021 14 and LNB News 15/04/2021 11.



Financial crime prevention


FATF and G20 ACWG hold joint meeting to improve beneficial ownership transparency

The Financial Action Task Force (FATF) and G20 Anti-Corruption Working Group (ACWG) held a meeting on 1 April 2021 on improving beneficial ownership transparency. The meeting provided the FATF with the opportunity to discuss potential amendments to Recommendation 24 on transparency and beneficial ownership of legal persons while also giving ACWG the ability to receive input on its upcoming Accountability Report. Speakers from the European Commission, Europol, Egmont Group, the Government of Jersey, Open Contracting Partnership and Open Government Partnership were heard at the event.

See: LNB News 08/04/2021 72.


G20 aids FATF tackle in money laundering, terrorist and proliferation financing

G20 Finance Ministers and Central Bank of Governors have confirmed their commitment and support to the FATF’s tackling of ‘all sources, techniques and channels of money laundering and the financing of terrorism and proliferation’, especially by countering financial crimes linked to coronavirus (COVID–19). FATF President, Dr Marcus Pleyer, called on the G20 to recognise and impede financial crimes which ‘undermine global economies and hinder economic recovery’. The G20 also commended the FATF’s continuous work to tackle environmental crime involving illicit finance connected to the illegal exploitation of natural resources.

See: LNB News 08/04/2021 82.


Financial Stability Institute report examines global cryptoasset AML supervision

The Financial Stability Institute of the Bank for International Settlements has published an Insights piece on supervising cryptoassets for anti-money laundering. It notes that the supervision of cryptoasset service providers is only just beginning around the world. Only a few countries are performing more active supervision, such as conducting examinations and taking enforcement actions.

See: LNB News 09/04/2021 38.


Ringing the changes with the CPS’s Economic Crime Strategy 2025

The Crown Prosecution Service (CPS) has announced the launch of its Economic Crime Strategy 2025. Partner, Neil Swift, and associate, Eamon McCarthy-Keen, from Peters & Peters Solicitors LLP, analyse the background and key provisions of the Strategy and its implications for the criminal justice arena.

See News Analysis: Ringing the changes with the CPS’s Economic Crime Strategy 2025.


Europol publishes EU SOCTA 2021 including coronavirus (COVID-19) warnings

Europol has published the European Union Serious and Organised Crime Threat Assessment (SOCTA 2021) which outlines threats of serious and organised crime facing the EU. The SOCTA 2021 states that the coronavirus (COVID-19) pandemic has threatened to create ideal conditions for organised crime to spread in the EU and that a key characteristic of criminal networks is their agility in adapting to and capitalising on the changes caused by coronavirus. It also reports that migrant smuggling, trafficking and exploitation of human beings, offline and online frauds, and property crime present substantial threats to EU citizens.

See: LNB News 12/04/2021 21.


Sanctions and export controls


Council of the EU concludes review of EU’s Iran human rights sanctions regime

The Council of the EU has concluded its annual review of the EU’s Iran human rights sanctions regime and has decided to extend its restrictive measures responding to serious human rights violations until 13 April 2022 in Iran. Measures include a travel ban and an asset freeze as well as a ban on exports to Iran on equipment that might be used for internal repression. Further to this, EU citizens and companies will be forbidden from making funds available to listed entities and individuals. There are a total of 89 individuals and four entities currently on the list.

See: LNB News 14/04/2021 31.

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