The long-awaited Economic Crime and Corporate Transparency Act received Royal Assent on 26 October. This represents a significant turning point for the law on corporate criminal liability in the UK, and has been welcomed by...more
11/10/2023
/ Corporate Counsel ,
Corporate Crimes ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Criminal Liability ,
Failure to Prevent ,
Financial Crimes ,
Fraud ,
Investigations ,
Regulatory Agenda ,
UK ,
UK Bribery Act ,
White Collar Crimes
After several years of discussion and consultation, the UK Government now appears to be close to reforming the law on corporate criminal liability via the Economic Crime and Corporate Transparency Bill. These changes, if...more
In February 2023, the Financial Action Task Force (“FATF”), the global standard-setter on Anti-Money Laundering policy, issued a report describing the financial crime risks in the art and antiquities market, as well as good...more
Firms that act as financial gate-keepers have obligations to report suspicions or knowledge of money laundering via Suspicious Activity Reports to the National Crime Agency ("NCA"). SARs have been filed for almost 20 years...more
Earlier this summer, the Law Commission published its long awaited proposals on reforming corporate criminal liability in England and Wales (the "Options Paper"), following the launch of its discussion paper in June 2021....more
There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...more
4/5/2022
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Disclosure ,
Economic Sanctions ,
EU ,
FATF ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
UK
On 1 March 2022, the UK Government introduced into Parliament the Economic Crime (Transparency and Enforcement) Bill (the "Bill"). The draft legislation contains a number of measures designed to increase transparency and give...more
Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems -
Every year, banks spend billions of dollars on core financial crime compliance systems and are...more
11/18/2021
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Germany ,
Public Private Partnerships (P3s) ,
Suspicious Activity Reports (SARs) ,
UK ,
United States
In January 2018, UK law enforcement agencies were granted new powers to pursue the forfeiture of assets. Unexplained wealth orders ("UWOs") initially grabbed the media's attention, but the relative ease with which UK law...more
Following mounting calls for reform of the UK's corporate criminal liability regime, the Government is expected to consult later this year on potential reforms, which are likely to include a new corporate offence of failing...more
3/14/2019
/ Compliance ,
Corporate Crimes ,
Corporate Liability ,
Corporate Misconduct ,
Criminal Liability ,
Failure to Prevent ,
Financial Crimes ,
Money Laundering ,
Proposed Amendments ,
Proposed Rules ,
Serious Fraud Office (SFO) ,
UK Bribery Act ,
UK Criminal Finances Act 2017
The UK Government kicked off the New Year with a reminder that tackling economic crime remains top of its agenda. The Home Secretary and Chancellor announced last week that they will chair the new "Economic Crime Strategic...more