The UK’s National Crime Agency (NCA) recently secured its first forfeiture of sanctioned funds. This was a landmark achievement for the NCA’s Combatting Kleptocracy Cell, which has only existed since 2022 and aims to...more
8/21/2024
/ Anti-Money Laundering ,
Asset Freeze ,
Asset Seizure ,
Economic Sanctions ,
Evasion ,
Financial Institutions ,
Forfeiture ,
National Crime Agency (NCA) ,
Office of Financial Sanctions Implementation (OFSI) ,
Proceeds of Crime Act 2002 (POCA) ,
Russia ,
Sanctions and Anti-Money Laundering Act 2018 (SAMLA) ,
UK
Chartered accountants are accustomed to continuous oversight of their work by regulators. While regulatory supervision can often be a collaborative process, it does sometimes culminate in individual accountants and firms...more
6/7/2023
/ Accountants ,
Anti-Money Laundering ,
Auditors ,
Enforcement Authority ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Reporting Council (FRC) ,
Government Investigations ,
Investigations ,
Regulatory Reform ,
Statutory Penalties ,
Supervision ,
UK
We have been writing a lot recently about trends in the global market for fine art. One specific area that deserves attention is steps taken to stamp out laundering illicit funds via the art market, such as through auctions...more
4/20/2023
/ Anti-Money Laundering ,
Art ,
Art Auctions ,
Art Collections ,
Art Dealers ,
Art Sales ,
Due Diligence ,
FATF ,
Money Laundering ,
Registration Requirement ,
Regulatory Requirements ,
UK
The Financial Conduct Authority’s (FCA) 2023/24 Business Plan (Business Plan) sets out the FCA’s aim to be viewed as a proactive, assertive and robust regulator, especially in its protection of retail consumers.
Released...more
On March 1, 2022, the UK Government put forward the Economic Crime (Enforcement and Transparency) Bill. The stated aim of the legislation is to “crack down on dirty money in the UK and corrupt elites”, and it is designed to...more
3/11/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Economic Sanctions ,
Enforcement Authority ,
Financial Crimes ,
Financial Transactions ,
Money Laundering ,
Office of Financial Sanctions Implementation (OFSI) ,
Proposed Legislation ,
Real Estate Transactions ,
Real Estate Transfers ,
Registration Requirement ,
Russia ,
Unexplained Wealth Orders (UWOs)