On 24th January, law firm Eversheds published its “Horizon Scanner: Financial Crime Update” for December 2017. This identified major issues and risks involving the UK during 2018, for example –
- the FATF evaluation of the UK AML/CFT regime, with the on-site visit anticipated to take place in February/March 2018 and a plenary discussion at FATF anticipated in October 2018;
- transposition of the EU cybersecurity Directive by May 2018;
- FCA consultation on proposed text for a specialist sourcebook for professional body supervisors, that sets out expectations in relation to AML supervision under the new OPBAS;
- publication of an asset recovery plan will set out how the UK is responding to the challenges involved in improving the recovery of the proceeds of crime;
- the new National Economic Crime Centre (NECC);
- the Sanctions and AML Bill currently before Parliament;
- the EU Proposal for a Directive on countering money laundering by criminal law;
- implementation of the remaining provisions of the Criminal Finances Act 2017;
- the proposed, so-called 5th ML Directive;
- the GDPR and Data Protection Bill; and
- the EU proposal for new EU wide cyber-security measures.
Highly recommended.
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