UK: FAST-TRACK DEFENCE AGAINST MONEY LAUNDERING LANE OPENS FOR INSOLVENCY PRACTITIONER

On 6 August, ICAEW reported that Insolvency Practitioners who take on urgent insolvency cases will be prioritised for AML defence under a new agreement secured by the ICAEW.  Under new guidance approved by the Home Office and NCA, insolvency practitioners working on the most pressing appointments where they suspect criminal proceeds may exist in the entity can obtain a fast-tracked safeguard measure.  The fast-track lane was introduced as a goodwill gesture by the NCA, negotiated by the ICAEW, and does not change the statutory timescales for dealing with Defence Against Money Laundering (DAML) requests in general – and it must only be utilised in the most severe and urgent cases.

https://www.icaew.com/insights/viewpoints-on-the-news/2021/aug-2021/Fasttrack-defence-against-money-laundering-lane-opens-for-insolvency-practitione

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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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