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Risk & Compliance forecast
Financial crime prevention
Additional Risk & Compliance updates this week
LexTalk®Risk & Compliance: a Lexis®PSL community
Our new Risk & Compliance forecast as at 15 December 2020 is now live. This month, we report on issues including (1) AML and CTF; (2) data protection; (3) regulation of legal services; and (4) crime prevention. You can rest assured we’re tracking forthcoming regulatory changes so you can plan ahead.
British Overseas Territories commit to publishing further information on company ownership in major anti-corruption move
The UK government has published draft legislation which sets out the government’s ‘minimum standards’ for British Overseas Territories when they publish the owners of companies registered there. The draft legislation aims to improve corporate transparency and deter illicit finance. The government expects all Overseas Territories to have these registers in place by the end of 2023.
See: LNB News 15/12/2020 103.
US bill to usher in new era for anti-money laundering
Law360: US anti-money laundering (AML) laws are set for their biggest overhaul in decades under a new defence spending bill that would expose the true owners behind shell corporations, a move that lawyers believe will provide regulators and banks with critical information to clamp down on criminals looking to move dirty money.
See News Analysis: US bill to usher in new era for anti-money laundering.
A number of provisions and regulations relating to the Sanctions and Anti-Money Laundering Act 2018 came into force on 14 December 2020. Others will come into force on IP completion day and some immediately after completion day.
See: LNB News 10/12/2020 35.
US companies fret EDPB guidance on transatlantic data transfers means flows must stop
MLex: Nearly five months after the EU’s top court annulled the EU-US Privacy Shield—a legal tool used by companies to legally transfer data across the Atlantic—US companies are now realizing that strict conditions placed on the use of an alternative mechanism (Standard Contractual Clauses) may leave them with no legal basis for transatlantic personal data transfers. The legal dilemma is causing grave concern for many US companies given the $US 7.1trn trade relationship between the US and Europe.
See News Analysis: US companies fret EDPB guidance on transatlantic data transfers means flows must stop.
ICO starts recovery proceedings for £250,000 fine
The Information Commissioner’s Office (ICO) Financial Recovery Unit (FRU) has initiated retrieval proceedings against the defunct claims management firm, Pownall Marketing Limited (PML). The ICO fined PML £250,000 for making 356,369 nuisance calls over a six-month period in 2019. In the event that PML continues to not pay the fine, the ICO FRU will likely petition to wind up the company.
See: LNB News 16/12/2020 81.
Irish DPC and EDPB announce outcome of Twitter inquiry
The Irish Data Protection Commission (Irish DPC) has announced a conclusion to the data protection investigation it conducted into Twitter. The Irish DPC’s investigation commenced in January 2019 following receipt of a breach notification from Twitter. The draft decision in this inquiry was the first to go through the Article 65 (dispute resolution) process since the introduction of the GDPR and was the first Draft Decision in a ‘big tech’ case on which all EU supervisory authorities were consulted as concerned supervisory authorities.
See: LNB News 15/12/2020 95.
BEIS launches three consultations on corporate transparency and register reform
The Department for Business, Energy & Industrial Strategy (BEIS) and Companies House has launched three consultations on plans to reform the UK’s register of company information. The first consultation focuses on improving the quality and value of financial information available on the companies register. The second consultation proposes new powers for Companies House to query, investigate and remove false or inaccurate information. The third consultation proposes that corporate directors be prohibited unless their own boards comprise all natural persons and those natural persons have their identities verified. All three consultations will run until 3 February 2021.
See: LNB News 10/12/2020 64.
● What is a solicitor’s duty when they suspect an unrepresented person on the other side of a matter has not properly accounted for value added tax in relation to their business?
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