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Financial crime prevention
Additional Risk & Compliance updates this week
Proposed replacement standard contractual clauses for international transfers
On 12 November 2020, the European Commission published a draft Implementing Decision on new standard contractual clauses (SCCs) for the transfer of personal data to third countries outside the EEA under the General Data Protection Regulation. Ruth Boardman, co-head of Bird & Bird’s International Privacy and Data Protection Group explains some of the key aspects of the proposed draft SCCs.
See News Analysis: Proposed replacement standard contractual clauses for international transfers.
Implications for failure to obtain EU data protection adequacy decision highlighted in new report
The University College London (UCL) European Institute and the New Economics Foundation have jointly published a report on the economic costs and implications of the UK failing to secure an EU adequacy decision, including analysis of the costs for different sizes of UK business. Following IP completion day (11pm on 31 December 2020), the UK will need to be granted an adequacy decision for organisations to continue to be able to transfer data from the EEA to the UK, without putting in place their own additional measures (or relying on limited derogations) to comply with the GDPR.
See: LNB News 24/11/2020 51.
Personal data—updated Brexit transition guidance from Department for Digital, Culture, Media & Sport
The Department for Digital, Culture, Media & Sport has published updated guidance ‘Using personal data in your business or other organisation from 1 January 2021’ to include a starker warning for organisations to prepare for the possibility of the UK not obtaining an EU adequacy decision by that date and to help stakeholders prepare for the end of the transition period and beyond. Further new and updated guidance may be issued as the transition period progresses, so stakeholders are advised to monitor these pages for updates.
See: LNB News 25/11/2020 117.
EDPB issues statement on ePrivacy Regulation and Supervisory Authorities
The European Data Protection Board (EDPB) has issued a statement on the ePrivacy Regulation and the future role of Supervisory Authorities and the EDPB. The EDPB has stated that any proposed changes in the draft Regulation that undermine the scope of the Regulation should be avoided to maintain a level playing field for every provider, as well as safeguarding the confidentiality of electronic communications.
See: LNB News 25/11/2020 34.
EDPB announces outcome of its 42nd plenary session
The European Data Protection Board (EDPB), during its 42nd plenary session, presented two new sets of draft SCCs and adopted a statement on the future ePrivacy Regulation. In addition, EDPB members decided to extend the public consultation deadline for Recommendations 1/2020 on measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data. The new deadline is 21 December 2020.
See: LNB News 20/11/2020 61.
ICO plans webinar for data protection post-Brexit
The Information Commissioner’s Office (ICO) has announced that it is running a webinar for small- and medium-sized organisations to discuss the impact of IP completion day on data protection, including specific new requirements to consider. Further, the webinar will cover the ICO’s role, how data will ‘continue to flow to and from the UK’, how Schrems II has impacted the data protection landscape and new requirements for EU Representatives. Attendees will also have the opportunity to raise any queries related to data protection post-IP completion day. The webinar will take place at 10.30 am, Thursday 3 December 2020.
See: LNB News 20/11/2020 16.
FATF reaffirms commitment to collaborating with G20 following Riyadh Summit
The Financial Action Task Force (FATF) has published a statement following the G20 Finance Ministers and Central Bank Governors meeting held on 21–22 November 2020. The FATF reaffirmed the organisation’s commitment to working with the G20 to ensure a ‘strong, sustainable economic recovery’ from the coronavirus (COVID-19) pandemic. The FATF highlighted that it is ‘critical’ for jurisdictions to continue to ‘actively identify, assess, and understand how criminals and terrorists can exploit the COVID-19 pandemic’.
See: LNB News 23/11/2020 88.
Increasing investment scams can implicate lawyers, too
Law360: With the pandemic serving as a catalyst for increased financial fraud, it’s important to recognise that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme (FSCS) and Heather Clark at Burness Paull.
See: Increasing investment scams can implicate lawyers too.
NCA publishes 2020 Suspicious Activity Annual Report
The National Crime Agency (NCA) has published its 2020 Suspicious Activity Report (SAR) Annual Report. The report notes that the UK Financial Intelligence Unit (UKFIU) saw a record number of SARs, ‘receiving and processing 573,085, with an 81% increase in requests for a defence against money laundering or terrorist finance’.
See: LNB News 19/11/2020 105.
Latest version of the National Cyber Security Strategy progress report published
The Cabinet Office has published the latest version of its National Cyber Security Strategy progress report. The report sets out ‘the government’s plan to make Britain secure and resilient in cyberspace’. With one year left of the strategy, the report sets out its progress and the impact of the strategy’s interventions.
See: LNB News 25/11/2020 30.
Consensus statement emphasises importance of coronavirus-secure workplaces
A consensus statement on the best approach to reduce risk for workers, including those from ethnic minority groups, has been issued by Public Health England, the Health and Safety Executive (HSE) and the Faculty of Occupational Medicine. The statement recommends implementing and reinforcing existing HSE, government and specific industry guidance, workplace procedures and systems that help mitigate the risk of exposure to coronavirus for all workers.
See: LNB News 25/11/2020 95.
HSE to ensure industry is managing coronavirus (COVID-19) before festive period
The Health and Safety Executive (HSE) has announced that it is working with local authorities to inspect businesses in the transport and logistics industry to ensure they are managing the risk of coronavirus as demand for goods increases in the run up to the festive period. HSE has stated that its inspectors and local authority officers will be visiting warehouses and distribution centres to ensure workplaces are following the relevant coronavirus guidance.
See: LNB News 23/11/2020 79.
Brexit and ‘physical presence’ requirements for Irish professionals resident in the UK
As the end of the Brexit transition period draws near, complexities associated with navigating cross-border regulatory regimes have been increasingly brought to the fore. The Law Society of Ireland’s announcement, confirming a ‘physical presence’ requirement for solicitors intending to practise in Ireland, has highlighted wider post-Brexit issues surrounding residency requirements and recognition of qualifications for regulated professionals on the British/Irish border. Irish regulators have seemingly doubled down on residency requirements for both solicitors and trade mark agents, effectively disallowing such professionals to register and practise in Ireland should they be ordinarily resident in the UK. What Is At Stake? Stephen Parkinson, senior partner at Kingsley Napley LLP, explores the various issues arising from these decisions, and considers the possible protections contained in the UK-EU Withdrawal Agreement and the Common Travel Area (CTA) arrangement.
See News Analysis: Brexit and ‘physical presence’ requirements for Irish professionals resident in the UK.
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