20 March 2013 Multi-million pound frauds and scams involving fake shoes, parking tickets and energy drinks feature in this month’s bumper edition of launderers in the news. Ealing man jailed for laundering over £200m – London A man who laundered over £200m for organised crime gangs through a London money exchange has been jailed for […]

HM Treasury has published guidance on whether a transfer of funds requires prior notification or authorisation under the Financial Sanctions: Iran (Nuclear Proliferation) Provisions.  

The Serious Organised Crime Agency (SOCA) has published revised guidance  on submitting a Suspicious Activity Report (SAR). This replaces the ‘Top Ten Tips’ document that was previously available. This new guidance sets out advice and best practice to follow when making a SAR to alert Law Enforcement Agencies that certain activity is in some way […]

Amount also represented approximately one-third of £313.4m, the total level of fines in 2012. The FSA has illustrated its transition to a tougher approach after its busiest February for enforcement with £101.4m in fines handed down. Mary Stevens, manager of regulatory content for Wolters Kluwer Financial Services, said the amount compared to just £9.2m in […]

Aml/hm treas/all/country risk HM Treasury has published a revised financial sector advisory notice advising of risks posed by unsatisfactory anti-money laundering and counter-terrorist financing (AML/CTF) controls in a number of overseas jurisdictions. The notice is split into two annexes: Annex A: jurisdictions with ongoing and substantial money laundering and terrorist financing risks; and Annex B: jurisdictions […]

If you look back five years and ask – how much has changed in the compliance world in the last five years? – the answer is remarkable.  I can easily make the argument that the biggest change in corporate governance over the last five years has not been executive pay reform, or any of the […]

 The FSA’s report following its thematic review into anti-bribery and corruption (ABC) systems was published in March 2012. This review was conducted across 15 investment banks and smaller firms specialising in investment banking business in the UK between August 2011 and January 2012. The FSA also consulted with Government, as well as other interested stakeholders […]

it has been a busy few weeks for those following the implementation of the US FATCA regime – the new rules by which the US tax authority is seeking to prevent US taxpayers from avoiding their US tax obligations by moving money abroad. As we reported last year, “financial institutions”, including private equity and venture […]