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May 4, 2021
Anti-Money Laundering: sections 32-34 of the Financial Services Act 2021 make a small number of amendments to legislation including sections 327-9 and other provisions of the Proceeds of Crime Act 2002 and the Sanctions and Anti-Money Laundering Act 2018.
They extend the application of the legislation to electronic money, and to overseas trustees.
See here.
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April 28, 2021
Sophos report: The State of Ransomware 2021
The report addresses the prevalence and costs associated with ransomware. Of the companies which paid up, whether for speed of recovery or inadequacy of backups, on average, only 65% of the encrypted data was restored after the ransom was paid. 4 per cent of victims who paid up received nothing in return, and only 8% claim to have recovered everything after submitting to the blackmail.
Perhaps the biggest risk identified in the report, however, is not the loss of confidential data but having it exposed on the internet.
See here.
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April 27, 2021
The Global Anti-Corruption Sanctions Regulations 2021
These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 to establish a sanctions regime for the purpose of preventing and combatting serious corruption. They confer a power on the Secretary of State to designate persons who are, or have been, involved in serious corruption. They confer powers on the Treasury to issue licences in respect of activities that would otherwise be prohibited. They revoke the Misappropriation (Sanctions) (EU Exit) Regulations 2020.
See here.
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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.
