How will the SFO treat companies in the future? 03 Oct 2012 New SFO Director signals changes in how the agency will treat companies in the future The Serious Fraud Office has withdrawn its guidance to companies that discover and report corrupt conduct in order to avoid prosecution. The guidance, which had been based upon […]

Money laundering – entering into an arrangement – s328 PoCA 2002 02 Oct 2012 Money laundering, Prosecutions Prosecutors are sometimes tempted, unwisely, to strain the meaning of statutory provisions in order to charge a defendant.　 There have been a couple of successful appeals recently against money laundering convictions under s328 Proceeds of Crime Act 2002 […]

Prosecutors going over the top02 Oct 2012 From time to time the appeal courts quash convictions where prosecutors have gone rather over the top in stretching the statutory language of an offence to cover situations the offence was not intended to cover. The law in relation to money laundering is widely drawn and (at least […]

Global Shell Games: Testing Money Launderers’ and Terrorist Financiers’ Access to Shell Companies27 Sept 2012 All organized crime is driven by profit and facilitated by financial secrecy, while terrorism also depends on secret funding. For large sums of dirty money there is no better device than an untraceable shell company for providing this secrecy. The […]

Changes to Section 166 reports 20 Sept 2012 Section 166 reports, are ordered by the FSA when a financial company suffers a mishap and can be used as a basis for a fine or other enforcement action. The reports are used in the wake of rogue-trading scandals, client-money problems or data breaches, and are both diagnostic and […]

Treasury makes new AML orders 20 Sept 2012 Treasury has amended the definition of “regulated sector” for the purposes of the Terrorism Act 2000 and Proceeds of Crime Act 2002. The definition now includes estate agents selling property outside the UK. Treasury has also amended the Money Laundering Regulations 2007 (MLR) to reflect this and […]

Money-Laundering Inquiry Is Said to Aim at U.S. Banks 20 Sept 2012 Federal and state authorities are investigating a handful of major American banks for failing to monitor cash transactions in and out of their branches, a lapse that may have enabled drug dealers and terrorists to launder tainted money, according to officials who spoke […]

Treasury has amended the definition of “regulated sector” for the purposes of the Terrorism Act 2000 and Proceeds of Crime Act 2002. The definition now includes estate agents selling property outside the UK. Treasury has also amended the Money Laundering Regulations 2007 (MLR) to reflect this and the other changes it announced following its recent […]