The UK Financial Conduct Authority (FCA) has issued finalised guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering purposes. There is no significant shift in the FCA’s expectations of...more
July saw a number of updates regarding the prevention of money laundering in the UK, reflecting the Government’s stated commitment to ensuring that compliance requirements are effective yet not unnecessarily onerous for the...more
Regulator finds that firms could improve how they conduct anti-money laundering checks when dealing with UK PEPs. ...more
The UK Financial Conduct Authority (FCA) launched in September a review of the treatment of domestic politically exposed persons (PEPs) by UK-regulated financial services firms. This review will look at firms’ arrangements...more
In the early hours of 15 March 2022, the Economic Crime (Transparency and Enforcement) Act (the “Act”) came into force. The rapid passage of the Act through the UK Parliament, after years of delays, came in response to...more
The UK sanctions imposed as a result of Russia’s invasion of Ukraine have undoubtedly put intense pressure on businesses to review existing commercial arrangements and tighten sanctions compliance systems and controls. But...more
Introduction - The art market is characterised by high-value, portable items that can be bought and exchanged quickly and often confidentially. These features, which make the market inherently vulnerable to many types of...more
The FCA is extending its existing annual financial crime reporting obligation (termed the “REP-CRIM” by the FCA) to a broader range of firm types. The change is expected to impact approximately 4500 firms who were previously...more
A Court Ruling that May Resonate Across the Globe - The High Court in London recently struck down three “Unexplained Wealth Orders” that U.K. law enforcement had hoped would foil an alleged money laundering scheme by...more
Fact: Many wealthy individuals and families are subject to higher levels of public, governmental, and legal scrutiny. It’s imperative that they keep their financial houses in order because at some point they’ll probably be...more
The English High Court has dismissed an application to discharge an "unexplained wealth order" ("UWO") against the wife of the former chairman of the International Bank of Azerbaijan....more
The target of the UK’s first unexplained wealth order (UWO) has been made public after reporting restrictions expired last week. Mrs Zamira Hajiyeva will now be required to provide the National Crime Agency with proof of the...more