The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:
This Q&A describes red flag indicators for matters involving virtual assets, as set out in the Financial Action Task Force (FATF) report ‘Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing’, published September 2020.
While virtual assets (VAs) are still not widely used by the public, their use has caught on among criminals.
These indicators are specific to the nature of VAs and their associated financial activities, and are not exhaustive. Suspicious activities involving the use of VAs may also share similar traits with money laundering or terrorist financing activities involving the use of traditional (fiat) currency, or other kinds of assets. You should therefore consider the risks posed by your customers/clients, products, services and operations, as well as the presence of conventional risk indicators—see Precedent: Recognising crime—warning signs for staff, or for law firms: Recognising crime—warning signs for staff—law firms.
For more on cryptoassets and financial crime, see Practice Note: The risks of cryptoassets from a financial crime, money laundering and terrorist financing perspective.
Red flag indicators should always be considered in context. The mere presence of a red flag indicator is not necessarily a basis for a suspicion of money laundering or terrorist financing, but should prompt further examination. Ultimately, a customer/client may be able to provide an explanation to justify the red flag indicator, business or economic purposes of a transaction.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
Voluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished responsibility or suicide
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.