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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.
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April 19, 2021
Sanctions: OFSI Introduction to licensing
See here.
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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.
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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.
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April 13, 2021
SRA Consultation on proposed changes to the Minimum Terms and Conditions – Professional indemnity insurance (PII): affirmative cyber cover
See here.
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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.
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March 30, 2021
SRA Annual report by the Money Laundering Reporting Officer (MLRO) for the year ending October 2020
See here.
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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.
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March 26, 2021
SRA Guidance: European Lawyers practising in the UK
See here.
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March 25, 2021
SRA Guidance on Registered Foreign Lawyers
See here.
