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Latest on risk management, professional indemnity and compliance issues.

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  • April 21, 2021

    LSAG Guidance part 2b for TCSPs published

    Specific Guidance for Trust or Company Service Providers, see here.

    Part 2a AML Guidance for barristers / advocates and part 2c AML Guidance for legal professionals offering notarial services have also been published.

  • April 19, 2021

    Sanctions: OFSI Introduction to licensing

    See here.

  • April 14, 2021

    European Parliamentary Research Service report on EU-UK private-sector data flows after Brexit

    The report analyses the proposed European Commission adequacy decisions under the GDPR and the Law Enforcement Directive, in particular criticisms which have been levelled at UK surveillance, the immigration exemption and the Digital Economy Act 2017, levels of enforcement by the UK Information Commissioner’s Office, onward transfer of data; and the UK’s level of commitment to EU data protection standards.

    See here.

  • April 13, 2021

    European Union serious and organised crime threat assessment

    The report notes that ‘Complicit legal and financial advisors as well as lawyers and notaries provide information to criminals on police records and criminal proceedings and assist in setting up fraud schemes and networks of companies to acquire and launder money… More than 80 % of the criminal networks active in the EU use legal business structures for their criminal activities’.

    See here.

  • April 13, 2021

    SRA Consultation on proposed changes to the Minimum Terms and Conditions – Professional indemnity insurance (PII): affirmative cyber cover

    See here.

  • March 30, 2021

    HM Treasury Advisory Notice: Money Laundering and Terrorist Financing controls in higher risk jurisdictions (25 March 2021)

    Requirement to apply Enhanced Due Diligence for higher risk jurisdictions.

    See here.

  • March 30, 2021

    SRA Annual report by the Money Laundering Reporting Officer (MLRO) for the year ending October 2020

    See here.

  • March 26, 2021

    The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021

    These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”) to insert as Schedule 3ZA a new UK list of high-risk third countries for the purposes of enhanced customer due diligence requirements. In force 26 March 2021.

    See here.

  • March 26, 2021

    SRA Guidance: European Lawyers practising in the UK

    See here.

  • March 25, 2021

    SRA Guidance on Registered Foreign Lawyers

    See here.

Older news
  • Legal Risk Publication

    Risk Update March 2021

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  • Legal Risk Publication

    New Law Journal – A sting in the tail?

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  • Legal Risk Publication

    Risk Update January 2021

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  • Legal Risk Publication

    Risk Update March 2021

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  • Legal Risk Publication

    New Law Journal - A sting in the tail?

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  • Legal Risk Publication

    Risk Update January 2021

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