SFO CAN REQUEST OVERSEAS DOCUMENTS FROM NON-UK COMPANIES

Allen & Overy on 22nd October published an article saying that a recent court ruling confirmed that the SFO can validly issue a section 2 notice with extraterritorial application.  It can compel production of documents held extraterritorially by a UK company, or issue a notice to foreign companies in respect of documents held outside the UK if there is a “sufficient connection” between that company and the UK.

http://www.allenovery.com/publications/en-gb/Pages/SFO-can-request-overseas-documents-from-non-UK-companies2.aspx

FCA PUBLISHES REVIEW OF AML/CFT CONTROLS IN E-MONEY SECTOR

Brodies LLP has published an article about a recent FCA report that makes clear that identifying and addressing financial crime risks must remain a key priority for those at senior management and board level. The report sets out the FCA’s findings following its review of AML/CFT controls and policies across the e-money sector, which includes pre-paid cards and digital wallets.  The article comments that, in many ways there is nothing particularly new in report.  As many recent cases of cyber- crime have shown, it says, those engaged in money laundering and cybercrime are skilled at what they do and seem adept at probing into any systemic weaknesses.  The rewards appear to justify the effort.  Businesses must be equally adept at responding to the challenges and as the report shows, this requires a good deal of commitment and vigilance within a business.

https://brodies.com/blog/corporate/fca-publishes-review-of-anti-money-laundering-and-counter-terrorist-financing-controls/#page=1

The FCA report is at –

https://www.fca.org.uk/publication/thematic-reviews/tr18-3.pdf

COOK ISLANDS ANTI-LAUNDERING REGIME “ONE OF THE BEST” – AML/CFT EVALUATION

Cook Island News on 24th October reported that the Cook Islands AML/CFT regime is officially one of the best in the world according to the Cook Islands Mutual Evaluation Report (MER) undertaken by the Asia Pacific Group on Money Laundering APG is a regional body of FATF.  It received 38 ratings of “largely compliant”: and above, bettered by only 1 other country in the world.  In terms of the implementation and effectiveness of its laws and systems when measured against the FATF’s 11 Immediate Outcomes, the Cook Islands attained 5 substantial ratings, 4 moderate ratings and 2 low ratings.

http://www.cookislandsnews.com/national/economy/item/71139-ci-anti-laundering-regime-one-of-the-best

The report is at –

http://www.apgml.org/includes/handlers/get-document.ashx?d=efd47cd0-a195-4e71-8eb0-0612f98caf61

COOK

UKRAINE SEES JUMP IN ILLEGAL WEAPONS SALES

UNIAN on 24th October carried an article on a OCCRP report saying that sales of illegal weapons have doubled in Ukraine in the past year, according to the national police, many of them smuggled from the east of the country where a war against Russia-backed forces still simmers.  During just one operation, 913 firearms, 804 grenades and 266 explosives from illicit trafficking were seized.  Also, almost 100,000 units of ammunition and 195 kg of explosive substances were seized.  There is also evidence that many of the arms now in the control of non-state groups in Ukraine fall into the hands of organised crime groups selling arms to the Middle East, often through Odesa, Reuters reports.
https://www.unian.info/society/10310568-occrp-ukraine-sees-jump-in-illegal-weapons-sales.html