-
1 month ago | 
lexology.com | Laura C. Bridgewater |Lorna Emson |Alexandra Green |Michael Sholem |Helen Harvey |Madeleine Brown | +1 more
The FCA has today confirmed that it has shelved its proposals to publicise live enforcement investigations. This announcement follows unprecedented criticism from almost all stakeholders including industry and lawmakers. Read our previous article on Naming and shaming: the FCA stands firm.
-
Oct 8, 2024 | 
mondaq.com | Lorna Emson |Helen Harvey
The FCA has fined Starling Bank (the Bank)
£29m for failings in their financial crime systems and
controls. As the FCA summarised it, the Bank's financial crime
controls "failed to keep pace with its growth".
The FCA Final Notice set out how the Bank underwent exponential
growth from the first account opened in July 2016 to a customer
base of approximately 3.6m in 2023.
-
Oct 8, 2024 | 
exportprac.com | Lorna Emson |Helen Harvey |Francis Bond
Posted 10/8/24From October, the Office of Trade Sanctions Implementation (OTSI) will be empowered to investigate breaches of trade sanctions and impose corresponding civil monetary penalties. We examine the powers OTSI will have, how it will interact with other UK sanctions authorities and what impact it may have. This item is available in full to subscribers.
-
Oct 3, 2024 | 
lexology.com | Lorna Emson |Helen Harvey
The FCA has fined Starling Bank (the Bank) £29m for failings in their financial crime systems and controls. As the FCA summarised it, the Bank’s financial crime controls “failed to keep pace with its growth”. The FCA Final Notice set out how the Bank underwent exponential growth from the first account opened in July 2016 to a customer base of approximately 3.6m in 2023.
-
Oct 2, 2024 | 
thetimes.com | Lorna Emson
Who has the UK sanctioned? That should be a simple question to answer. There is a UK sanctions list, which is available online. All UK businesses require clarity on the answer because it is illegal to deal with sanctioned persons. But the answer is that nobody seems to know. Countries apply asset freezes not just against persons on their respective sanctions lists but also against entities “owned or controlled” by them. Each jurisdiction interprets the “control” limb differently.
-
Sep 30, 2024 | 
lexology.com | Lorna Emson |Helen Harvey |Francis Bond
From October, the Office of Trade Sanctions Implementation (OTSI) will be empowered to investigate breaches of trade sanctions and impose corresponding civil monetary penalties. We examine the powers OTSI will have, how it will interact with other UK sanctions authorities and what impact it may have. OTSI Many will have become familiar with references to OFSI, the Office of Financial Sanctions Implementation, which deals with the civil enforcement of financial sanctions.
-
Aug 7, 2024 | 
lexology.com | Lorna Emson |Francis Bond |Freddy Rendall
Following on from recent successes in Northern Ireland, the National Crime Agency (NCA) announced on 5 August 2024 that it has successfully concluded a six-year investigation which began with an Unexplained Wealth Order (UWO) and culminated in the forfeiture of two high-value properties linked to the wife of convicted Azerbaijani banker Jahangir Hajiyev.
-
Jul 31, 2024 | 
mondaq.com | Helen Harvey |Lorna Emson |Max Hobbs |Freddy Rendall
We recently commented on the apparent emergence
of the National Crime Agency (NCA) as the "new sheriff in
town" in the field of financial crime. This came after the NCA
successfully prosecuted two individuals for bribery offences,
something the Serious Fraud Office (SFO) has historically faced
difficulties with, and new legislation was passed that empowered
the NCA to instruct the SFO to conduct certain investigations.
-
May 20, 2024 | 
blog.macfarlanes.com | Lorna Emson |Max Hobbs |Helen Harvey
Last Friday, we commented that the National Crime Agency (NCA) perhaps deserved more attention for its growing role investigating and prosecuting serious financial crime. Later that day, in a timely announcement, the NCA confirmed it had secured its first unexplained wealth order (UWO) in Northern Ireland.
-
May 20, 2024 | 
lexology.com | Lorna Emson |Max Hobbs |Helen Harvey
Last Friday, we commented that the National Crime Agency (NCA) perhaps deserved more attention for its growing role investigating and prosecuting serious financial crime. Later that day, in a timely announcement, the NCA confirmed it had secured its first unexplained wealth order (UWO) in Northern Ireland.
