We are continuing to audit some of the largest UK and US law firms (remotely due to pandemic restrictions) under Regulation 21 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and advise on responses to investigation by the SRA following monitoring visits and fraud incidents which have exposed inadequacies in procedures.
The Treasury Committee has published a Call for Evidence for Inquiry into Economic Crime. The Committee will review the UK’s anti-money laundering and sanctions regimes, including the work of OPBAS and the professional body AML supervisors, the impact of the FinCEN papers, corporate liability for economic crime and the work of Companies House.
The European Commission’s list of high-risk third countries was amended on 1 October 2020, adding The Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe. Afghanistan, Iraq, Vanuatu, Pakistan, Syria, Yemen, Uganda, Trinidad and Tobago, Iran and North Korea remain on the list. Bosnia-Herzegovina, Ethiopia, Guyana, Lao People’s Democratic Republic, Sri Lanka and Tunisia have been delisted.
There have been a number of developments in relation to the new UK sanctions regime and links are on our website www.legalrisk.co.uk/News.
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