The UK Government’s recent announcement emphasises a more ambitious modern slavery agenda and, specifically, the use of a “smarter mix” of measures across policy, regulation, stakeholder expectations and corporate practice to...more
3/1/2021
/ China ,
Corporate Governance ,
Corporate Social Responsibility ,
EU ,
Forced Labor ,
Human Rights ,
Human Trafficking ,
Modern Slavery Act ,
Risk Management ,
Supply Chain ,
UK ,
United Nations
In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition...more
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies
UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”).
The regulations make a...more
1/31/2020
/ Accountants ,
Amended Regulation ,
AML/CFT ,
Anti-Money Laundering ,
CPAs ,
Cryptoassets ,
Customer Due Diligence (CDD) ,
Digital Wallets ,
Electronic Identification ,
EU ,
Financial Action Task Force ,
Financial Conduct Authority (FCA) ,
Fine Art ,
HM Treasury ,
MLD5 ,
Prepaid Payment Products ,
Real Estate Brokers ,
Registration Requirement ,
Subsidiaries ,
Terrorism Funding ,
Trusts ,
UK ,
Virtual Currency
In this second article of our series on the House of Lords Select Committee’s recent report, entitled “The Bribery Act 2010: post-legislative scrutiny”, we come to that now inescapable topic in British law and politics —...more
4/5/2019
/ Bilateral Agreements ,
Court of Justice of the European Union (CJEU) ,
Criminal Investigations ,
Cross-Border ,
Enforcement ,
EU ,
Member State ,
Multinationals ,
Sanctions ,
Strategic Enforcement Plan ,
UK ,
UK Brexit ,
UK Bribery Act ,
Warrants
With the UK on the brink potentially of exiting the EU and business certainty at an all-time low, the Government faces enormous pressure to ensure that the UK remains an attractive place to do business. One very significant...more
3/14/2019
/ Anti-Corruption ,
Criminal Liability ,
Enforcement Authority ,
EU ,
Financial Conduct Authority (FCA) ,
Money Laundering ,
Regulatory Agenda ,
Serious Fraud Office (SFO) ,
UK ,
UK Brexit ,
UK Bribery Act