QUARTERLY FINANCIAL CRIME HORIZON SCANNING BOOKLET

On 19th June, Eversheds Sutherland published its latest quarterly financial crime horizon scanning booklet.  The booklet summarises key financial crime related legal and regulatory changes expected over the next 18 months to 2 years, as well as providing electronic links to key resources.  The changes mentioned include –

  • US withdrawal from Iranian JCOPA and the imposition of wind-down provisions for non-US entities
  • FCA consultation on changes to the Financial Crime Guide (FCG) – proposing to add a chapter on insider dealing and market manipulation to the FCG and also make a number of general changes as a result of recent regulatory changes to ensure the guide remains up to date.
  • UK public consultation on reforming the law of search warrants
  • FATF UK mutual evaluation
  • UK asset recovery action plan will set out how the UK is responding to the challenges involved in improving the recovery of the proceeds of crime
  • House of Lords Select Committee appointed to review Bribery Act 2010
  • UK Treasury Committee launches economic crime inquiry, looking at the AML and sanctions regime in the UK; and considering economic crime as it affects consumers as well as the effectiveness of financial institutions in combatting economic crime
  • EU Proposal for a Directive on countering money laundering by criminal law
  • EU: combating fraud and counterfeiting of non-cash means of payment – proposed Directive to include provisions on expanding the scope of fraud offences to include transactions through virtual currencies; harmonising the definitions of some online crime offences; introducing minimum level for the highest penalties; clarifying the scope of jurisdiction to ensure cross border frauds are better dealt with, improving EU-wide criminal justice cooperation and improving prevention and awareness-raising to reduce the risk of becoming a victim of fraud

https://www.eversheds-sutherland.com/documents/services/litigation/crime-horizon-scanning.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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