On 12th November, the Gibraltar Government reported that its OFT is issuing updated versions of its AML/CFT Guidance Notes. The revised guidance notes now answer FAQ and provide additional practical guidance and insights into money laundering issues specific to each industry – to real estate and high-value goods dealers.
Ropes & Gray on 12th November published an article saying that the Home Office has sent letters to more than 17,000 companies that it believes are required to publish an annual statement under the Modern Slavery Act. The letters request that companies register on the Modern Slavery Contact Database by November 18th, publish up-to-date modern slavery statements by March 31st and submit their statements to specified transparency databases. The article discusses the Home Office letter and other recent developments under the Act and share related compliance recommendations for multinationals with UK operations. It also reports that on September 24th, Australia, Canada, New Zealand, the UK and US announced a set of 4 principles intended to provide a framework on which countries can build a strategy to take effective action to prevent and eradicate human trafficking from public and private sector supply chains.
Krebs on Security on 8th November reported a warning that “Informed Delivery,” a new offering from the US Postal Service (USPS) that lets residents view scanned images of all incoming mail to carry out ID theft, and criminals are already using it to commit various identity theft and credit card fraud schemes. The article says that ID thieves have figured out ways to hijack identities and order new credit cards in victims’ names before the USPS can send their notification.