News
Latest on risk management, professional indemnity and compliance issues.
Filter:
-
February 14, 2024
FATF publishes Annual Report 2022/23
See here.
-
February 8, 2024
2024 National Money Laundering Risk Assessment
The US Government’s 2024 Money Laundering National Risk Assessment highlights a number of risks relating to law firms, including use of pooled trust accounts masking beneficial ownership of funds. Recent criminal indictments indicate that lawyers may be facilitating Russian money laundering and sanctions violation. A Texas attorney pleaded guilty to conspiring to repatriate $18m untaxed income from offshore accounts held in the Isle of Man. Trust and Company Service Providers (TCSPs) are highlighted as a risk. The risk assessment also highlights concerns over Chinese underground banking.
See here.
-
February 5, 2024
SRA Discussion paper – Protecting the public: our consumer protection review
See here.
-
February 2, 2024
Transparency Corruption Perceptions Index 2023
Latest ratings released on 30 January 2024 with score changes for 117 countries.
See here.
-
January 24, 2024
SRA Guidance – Sanctions regime – firm-wide risk assessments
See here.
-
January 23, 2024
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 remove Schedule 3ZA and update the definition of a High Risk Third Country in Regulation 33(3)(a) of the MLR 2017 to align with the Financial Action Task Force (FATF) grey and black lists.
See here.
-
January 19, 2024
Companies House: Changes to UK company law
Website containing useful resources on the changes.
See here.
-
January 16, 2024
Axis Specialty Europe v Discovery Land Company LLC and others [2024] EWCA Civ 7
The Court of Appeal has dismissed insurers’ appeal against the decision of Knowles J on the meaning of ‘condoning’ dishonesty, and on the aggregation of claims under a policy under the SRA Minimum Terms and Conditions of professional indemnity insurance.
See here.
-
January 15, 2024
New York Bar Formal Opinion 2024-1: Ethical Issues Arising from the Representation of Two or More Bidders Competing for the Same Asset
See here.
-
January 11, 2024
Guidance on money laundering reporting obligations in relation to the DAML exemption provisions introduced by the Economic Crime and Corporate Transparency Act 2023 – GOV.UK
See here.