All Money laundering and financial crime articles – Page 22
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News
Lawyers shocked by money laundering claim
Lawyers have reacted with concern to an inter-governmental report apparently suggesting that complicity in money laundering and terrorist financing is rife in the legal sector. Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, published by the Financial Action Task Force, a body set up by seven leading economies, presents ...
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News
Financial crime sentences to prioritise victims
Proposed new sentencing guidelines for financial crimes published last week encompass bribery and money laundering for the first time, while setting out to prioritise the impact of crime on the victim. The guidelines, which will replace existing guidance published by the Sentencing Guidelines Council in 2009, also cover the sentencing ...
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News
Privilege fears over deferred prosecutions
Simmons & Simmons partner Stephen Gentle told the Gazette: ‘The consultation on DPAs stated that the “Code of Practice would include provision for the protection of legal professional privilege”. ‘But there is no such provision, and comprehensive self-reporting of wrongdoing will almost certainly lead to companies waiving privilege if a ...
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Feature
Bribery Act: ‘facilitation payments’
The ‘Star Chamber’, a somewhat sinister-sounding governmental group tasked with reducing bureaucracy, is to carry out a review of the Bribery Act 2010 with a view to examining facilitation payments.
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News
European AML directive ‘unlikely to be effective’
The fourth European money laundering directive, published last week, is likely to impose significant but ineffective burdens on solicitors over the ‘vexing issue’ of identifying beneficial owners, the Law Society has warned.
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News
Judicial hurdles hamper recovery of looted assets, says transparency group
International efforts to block the looting of poor countries by corrupt governments are hampered by the lack of a single body to combat money laundering in the UK, according to a government-sponsored study. Combating money laundering and recovering looted gains, by Transparency International, calls on the government to fund asset-recovery ...
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News
SRA intervenes after solicitor arrested
A solicitor from Cheshire has been suspended from practising after he was arrested on suspicion of fraud. The Solicitors Regulation Authority today intervened to prevent partner Andrew Taylor from practising at his firm in Cheadle. Police confirmed last week that they had arrested a 56-year-old man on suspicion of fraud ...