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Risk & Compliance forecast
AML and counter-terrorist financing Crime prevention
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Our new Risk & Compliance forecast (as at 21 September 2021) is now live. This month, we report on issues including (1) the SRA practising certificate renewal exercise; (2) frozen assets reporting; and (3) the future of UK data protection and ePrivacy law. You can rest assured we’re tracking forthcoming regulatory changes so you can plan ahead.
See Practice Note: Risk & Compliance forecast as at 21 September 2021.
HM Treasury publishes consultation responses and policy paper on the Economic Crime Levy
HM Treasury has published the outcomes of its consultation on the Economic Crime (Anti-Money Laundering) Levy, which would be paid by entities subject to the Money Laundering Regulations to help fund new government anti-money laundering (AML) action and help deliver the reforms committed to in the 2019 Economic Crime Plan. The government has decided that AML regulated entities will first be charged the levy during the year 1 April 2022 to 31 March 2023. The government has also published a policy paper introducing the draft legislation.
See: LNB News 22/09/2021 48.
OPBAS report notes differing levels of achievement in AML supervision
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has released its latest report on progress made in tackling money laundering by professional body supervisors over the past year. OPBAS says supervisors of the accountancy and legal sectors have improved in recent years to achieve a level of compliance with the technical requirements of the MLRs, but the report notes differing levels of achievement and some significant weaknesses.
See: LNB News 20/09/2021 62.
FATF publishes details of webinar on money laundering from environmental crime
The Financial Action Task Force (FATF) has published details on its upcoming webinar on money laundering from environmental crime, following its report on the same topic, which was published in June 2021. The webinar is expected to discuss how to protect the environment, preserve natural resources and overcome challenges such as the lack of governmental prioritisation, limited awareness, de-risking, and limited domestic and international co-ordination. The webinar will take place on 30 September 2021 at 12.00 pm.
See: LNB News 20/09/2021 70.
OFAC settlement extends sanctions reach beyond US dollar
The recent Office of Foreign Assets Control (OFAC) settlement with JC Flowers & Co over sanctions arising from non-US currency services provided by its Romanian bank subsidiary extends OFAC’s reach outside the US financial system, and highlights the need to educate foreign affiliates about US sanctions compliance, say lawyers at Arnold & Porter.
See News Analysis: OFAC settlement extends sanctions reach beyond US dollar.
US Congress to tackle anticorruption legislation, including bill to outlaw foreign bribe solicitation
MLex: A slate of US anticorruption legislation, including a bill that would outlaw the solicitation of bribes by foreign officials, awaits Congress as it returns from its summer recess. The bills enjoy a better political environment than similar measures in the past after the formation of a bipartisan anti-kleptocracy caucus and a renewed White House interest in fighting corruption.
See News Analysis: US Congress to tackle anticorruption legislation, including bill to outlaw foreign bribe solicitation.
Treasury Committee to question online technology giants on economic crime
Representatives of major online platforms Google, Facebook, Amazon and eBay will appear before the Treasury Committee from 2:15 pm on 22 September 2021. This session intends to facilitate the Committee’s inquiry reviewing progress in combatting economic crime, and exploring anti-money laundering systems, the sanctions regime, and how consumers are affected by the issues. Members of Parliament are likely to use the session to explore topics including what large online platforms are doing to prevent online advertising of scams and whether they are currently enabling fraud, the implications for platforms and site users of increasing regulation, and the current role of regulators including the Financial Conduct Authority.
See: LNB News 21/09/2021 60.
Beazley’s cyber claims expert cites ransomware spike
Law360: Ransomware risks have grown more complex over the past year as cyber criminals increasingly rely on shaming tactics to force victim companies to pay. Data breaches and business network interruptions are no longer the main risks contributing to rising cyber insurance claims. There is also reputation damage when a hacker threatens to publish stolen data online.
See News Analysis: Beazley’s cyber claims expert cites ransomware spike.
CLLS and Law Society response to Law Commission consultation on corporate criminal liability reform
The City of London Law Society (CLLS) has published a response by a Joint Working Party of the Company Law Committees of the CLLS and the Law Society (the Committees) to the Law Commission’s discussion paper on corporate criminal liability. The response focuses on the company law aspects of the issues raised in the discussion paper and makes additional points to be considered. In particular, it calls for certainty for company directors of the required elements for imposing criminal liability and for potential reforms to be proportionate, highlighting the risk of the UK becoming less attractive to companies if disproportionate legislation creates significant compliance burden and increased costs.
See: LNB News 22/09/2021 54.
UK Finance publishes fraud report showing 30 per cent rise in losses
UK Finance has published its fraud report on the first half of 2021 showing the scale of fraud taking place and the criminal trend towards authorised push payment (APP) fraud which includes investment, romance and purchase scams through phone calls, messages and emails to trick people into providing personal details. The report indicates that APP fraud increased by 71% and for the first time, overtook card fraud losses and general fraud losses had increased by 30% compared to the first half of 2020.
See: LNB News 22/09/2021 19.
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 Risk & Compliance. For more information, see: Risk & Compliance forecast as at 17 August 2021.
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