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Latest Practice Compliance News

FATF publishes report revealing widespread deficiencies in terrorist financing controls

The Financial Action Task Force (FATF) has published a report identifying that 69% of assessed jurisdictions show major deficiencies in terrorist financing enforcement. The report documents evolving financing methods, including increased use of digital technologies, decentralised operations and convergence with organised crime. Based on data from 80 jurisdictions and 840 private sector submissions, FATF has outlined recommendations for enhanced international cooperation and provided risk indicators for detection. The findings highlight gaps in countries' ability to investigate and prosecute terrorist financing cases effectively.

AML: FCA finalises updated guidance on treatment of PEPs

The Financial Conduct Authority (FCA) has published finalised guidance (FG25/3) on the treatment of politically exposed persons (PEPs) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs).  The guidance follows consultation GC24/4 and should be read in conjunction with the FCA’s multi-firm review on the treatment of PEPs, both published in 2024. It confirms that the existing framework remains broadly appropriate, with amendments made to reflect legislative changes and stakeholder feedback. The guidance outlines how firms should apply a risk-based approach to identifying and managing PEPs, including domestic PEPs, their family members, and known close associates.

Jonathan Fisher KC updates on fraud offences and disclosure reform progress

Chair of the Home Office Independent Review of Disclosure and Fraud Offences, Jonathan Fisher KC has published an update outlining the progress of the review's second phase. The update identifies three focus areas: whistleblowing mechanisms for fraud detection, sentencing reform and technological/legislative changes. Fisher reports consulting over 120 stakeholders across the justice system and plans to submit final recommendations to the Home Secretary by end-2025. The review examines the Fraud Act 2006's effectiveness for internet fraud cases, which now constitute 43% of all recorded crime in England and Wales.

Practice Compliance weekly highlights—3 July 2025

This week's edition of Practice Compliance weekly highlights includes: OFSI’s new confidential reporting guidance, a Red Alert on Russian oil sanctions evasion, US sanctions targeting cybercrime infrastructure, analysis of the conclusions of the cross-government review of UK sanctions implementation and enforcement and news of a new Practice Note on the DUAA 2025 and its implications for data protection compliance.

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