News & Analysis as of

Money Laundering Compliance United Kingdom

A&O Shearman

FCA finalised guidance on the treatment of PEPs

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The UK Financial Conduct Authority (FCA) has published finalised guidance on the treatment of Politically Exposed Persons (PEPs) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

A&O Shearman

Supreme Court clarifies extraterritorial scope of UK money laundering offences

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The Supreme Court has ruled that the Proceeds of Crime Act 2002 (POCA) only catches substantive money laundering acts committed in the UK. This simplifies the assessment for companies when considering whether to file a report...more

White & Case LLP

A call to arms: The FCA highlights the ongoing risk of money laundering through the capital markets

White & Case LLP on

The UK's capital markets are a vital economic driver, and also a significant source of money laundering risk. This is a difficult area of risk for regulators and law enforcement to understand and tackle, but progress is being...more

WilmerHale

UK Criminal Enforcement Update - Spring 2024

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Recent weeks have seen several notable developments in the UK criminal enforcement landscape...more

WilmerHale

FCA - Financial Crime Focus Areas for 2024

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“Stopping financial crime requires a collective effort...we will be more proactive in our supervision. Where we detect harm or UK-wide financial crime vulnerabilities, we will continue to share intelligence with our partners...more

A&O Shearman

Top challenges for white collar crime and investigations lawyers in 2024

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We asked our global white collar crime team for their views on the key challenges in 2024 for in‑house investigations teams and white collar crime lawyers, and how to manage the associated risks. Here is what they said. ...more

K&L Gates LLP

Why Corporates Are Now More Likely to Face Criminal Prosecution for the Actions of Their Employees

K&L Gates LLP on

Significant Expansion to Corporate Criminal Liability Becomes Law in the United Kingdom - On 26 October 2023, the Economic Crime and Corporate Transparency Act (the Act) became law. Under the Act, corporations will become...more

WilmerHale

Radical reforms of UK corporate criminal liability receive Royal Assent

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After a laborious passage through the United Kingdom Parliament, the Economic Crime and Corporate Transparency Act (the Act) received Royal Assent on 26 October 2023. The Director of the UK Serious Fraud Office (SFO) hailed...more

Guidepost Solutions LLC

The EU and ESG: Why ESG matters to all multinational companies

Will US companies create their own business risk abroad by not adopting compliance policies for risks that they deem controversial or may not fully believe in at home? On the surface this may seem like a rhetorical question –...more

TransPerfect Legal

The Economic Crime and Corporate Transparency Bill

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The battle against corporate crime intensifies as the UK government seeks to weaponise its incoming legislation. The "failure to prevent fraud" offence will require every large business to have ‘reasonable procedures in place...more

Latham & Watkins LLP

FCA Issues Final Notice to Former Banking CEO Over Anti-Money Laundering Failures

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The case provides instructive practical examples of the “reasonable steps” companies can take according to the FCA and a reminder of the FCA’s cultural expectations of CEOs. On 16 November 2022, the FCA issued a final...more

WilmerHale

Failure to Prevent Money Laundering

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On 10 June 2022, the Law Commission published its long-awaited options paper on Corporate Criminal Liability (“the Paper”). The Paper discussed a “failure to prevent money laundering offence” (the “FTPML Offence”), but did...more

McDermott Will & Schulte

An Update on the UK Trust Registration Service

On 6 October 2020, the Fifth Money Laundering Directive ((EU) 2018/843) (MDL5)) was implemented to reinforce the United Kingdom’s money laundering regime. This had the effect of tremendously broadening the scope of the types...more

BCLP

FCA’s thinly veiled warning to challenger and traditional retail banks over financial crime risk

BCLP on

On 22 April 2022, the FCA published the findings of its review of financial crime controls at six relatively new and primarily digital challenger banks that all offer similar products to traditional retail banks. These six...more

McDermott Will & Schulte

Trust Registration Service: Who Is Affected?

The Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) was implemented in the United Kingdom as a result of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation 2017 (SI...more

Morrison & Foerster LLP

Top 10 International Anti-Corruption Developments For July 2020

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Robins Kaplan LLP

Financial Daily Dose 12.20.2019 | Goldman nearing $2B deal with DOJ to resolve 1MDB scandal claims

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Goldman Sachs is reportedly in negotiations with federal prosecutors to resolve claims about its role in the Malaysian 1MDB scandal for upwards of $2 billion. A settlement—which “could include a guilty plea from Goldman’s...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-Border Investigations Update - September 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more

WilmerHale

W.I.R.E Debates: Law Commission Proposals on Suspicious Activity Reporting

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The UK Law Commission has published a report criticising existing anti-money laundering legislation and providing recommendations to improve the quality of Suspicious Activity Reports (SARs).  What should we make of these...more

Dorsey & Whitney LLP

Dorsey Anti-Corruption Digest - January 2018

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Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more

A&O Shearman

Financial crime and investigations update for UK corporates

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The law and practice relating to financial crime and investigations is evolving fast. In the past 18 months we have seen two new Acts aimed at combatting financial crime (including the creation of two new corporate criminal...more

Thomas Fox - Compliance Evangelist

Enforcement Week I: Troubling Questions Raised in HSBC Prosecution

We had an interesting week of anti-corruption enforcement actions last week, both in the US and the UK. We have now had four Foreign Corrupt Practices Act (FCPA) enforcement actions since the announcement of the Depart Of...more

Morrison & Foerster LLP

Top Ten International Anti-Corruption Developments for August 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month, with links to primary...more

Morrison & Foerster LLP

Top Ten International Anti-Corruption Developments for June 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month with links to primary...more

Dorsey & Whitney LLP

This Week In Securities Litigation (The week ending January 10, 2014)

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The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

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