2012 Olympics: where is the money laundering threat for solicitors? – The London Olympics this summer will provide a fantastic opportunity to showcase the best of the UK in terms of sport, culture, business and national heritage. However in order for events to run smoothly, firms across the UK are busy preparing for disruption to […]

Help! I’m a new MLRO – the verification of source of funds – Each firm will have its own distinct culture and way it does business. How a firm engages with its anti-money laundering obligations will be determined, in part, by its culture and the approach taken by its senior management and MLRO. Over time […]

When is an arrangement not an arrangement? – Police are entitled to rely on intelligence information and information provided by solicitors in suspicious activity reports when they are assessing whether it is appropriate to apply for a warrant to search the solicitor’s office or to arrest the solicitor on suspicion of money laundering offences. So […]

Commission publishes report on the Third Anti-Money Laundering Directive – The European Commission has published a report on the application of the Third Anti-Money Laundering (AML) Directive. The report aims to identify the Third AML Directive’s shortcomings with a view to the EC proposing a Fourth AML Directive in the Autumn. In addition, the report […]

Commission Adopts Report Calling For New EU AML Directive – In light of the adoption in February this year of revised international anti-money laundering (AML) standards by the Financial Action Task Force (FATF), and its own review process, a report on the application in the European Union (EU) of the Third Anti-Money Laundering Directive has […]

Anti-Money Laundering: Creating A Modern EU Framework Capable Of Responding To New Threats – Without effective rules to combat money laundering and terrorist financing, the soundness, integrity and stability of the financial system could be seriously compromised. The threats associated with money laundering and terrorist financing are constantly evolving, which requires periodic revision of the […]

SOCA publishes annual plan 2012/13 – The Serious Organised Crime Agency (SOCA) has published its seventh annual plan for 2012/13 in which it outlines the following priorities: • dislocating criminal markets where SOCA has the lead responsibility and supporting other agencies in areas where they are leading. These will be outlined in the new Organised Crime […]

EU Commission plans amendments to 3rd Anti-Money Laundering Directive –  The European Commission is planning amendments to the 3rd Anti-Money Laundering Directive (2005/60/EC) (the “Directive”) for the purpose of implementing the new standards adopted by the Financial Action Task Force (FATF). The new FATF standards are aimed at strengthening global safeguards and protecting the integrity of […]