On 1st May, Berwin Cave Leighton Paisner published a briefing saying that in the UK BEIS has published a consultation on the reform of limited partnership law, in response to its January 2017 call for evidence. This briefing sets out the main elements of the proposals, along with comments on them. Responses are requested by 23rd July. The full picture will emerge when legislation is produced, which BEIS states is the intention “as soon as Parliamentary time allows”.
On 1st May, the UK Export Control Joint Unit published a new Notice to Exporters 2018/11 which provides for Burma to been removed as a permitted destination from 5 open general export licences (OGEL).
On 30th April, Shearman & Sterling published an article about EU proposals for a Directive aimed at increasing security within EU Member States and across the EU by improving access to financial information, including bank account information, to the relevant authorities and bodies in charge for the prevention, investigation and prosecution of serious forms of crimes. It is envisaged that this will enhance their ability to conduct financial investigations and analysis and improve their co-operation. In addition, the proposal contains measures to improve the ability of FIU to carry out their tasks under the 4th Money Laundering Directive. The new 5th Money Laundering Directive already will make it obligatory for Member States to establish centralised bank account registries or data retrieval systems. The proposal follows a public consultation by the Commission which ran from October 2017 to January 2018 and the Commission has published separately a summary of the responses it received to that consultation. The proposal will now be considered by the European Parliament and the Council.
Xinhua on 1st May reported that the Australian government has named its first Transnational Organised Crime Coordinator to tackle the growing problem of offshore organised crimes, especially cybercrimes, child exploitation, human trafficking, illicit drugs and firearms, and money laundering. He will work within the Department of Home Affairs to lead a national effort against “transnational serious and organised crime”. Australia’s Minister for Home Affairs said a crime co-ordinator was needed because up to 70% of organised crimes occurred offshore.
Public & Building Control Today on 30th April reported that 97% of middle market UK construction firms consider themselves at risk of falling foul of AML and anti-bribery legislation according to the latest YouGov survey, commissioned by leading audit, tax and consulting firm RSM. he survey of more than 300 UK middle market business leaders also revealed that 47% of firms have suffered, unwittingly or otherwise, in incidents that are outside of the law.