BLL Bulletin

Recent reform of anti-money laundering law in the US has implications for the UK. Foreign bank account subpoenas and cross-border SAR sharing is permitted.

Speed read: Jonathan Fisher QC considers the Law Commission’s Part 2 POCA reform proposal and implications for the SAR reporting.

Circumvention offences establish criminal liability for breaches of financial sanctions. The potential engagement of the circumvention offences invites a review into whether the offences interact with the Proceeds of Crime Act 2002.

Rachel Clark considers whether draft new regulations requiring scrutiny of pre-pack sales to connected parties will be enough to prevent fraud and restore confidence in the process.

Speed read: The wrongful trading suspension ended on 30 September 2020 and it is important that company directors keep in mind the offence in section 214 of the Insolvency Act 1986.

Speed read: The recent Financial Conduct Authority (FCA) ban on crypto-derivatives trading to retail consumers sent waves of commentary through the crypto world.

Speed read: Anita Clifford considers the scope for enforcement of OFAC designation against UK persons.

Speed read: As the UK reporting deadlines fast approach, Rachel Clark examines the new obligations to report arrangements under ‘DAC 6’, and what this means for taxpayers and their advisers.

Speed read: Training is a requirement under the UK Money Laundering Regulations but the wording leaves wide scope for interpretation.

Speed read: Fraud on employee support schemes is a focus for enforcement authorities in the United Kingdom, Australia and Canada.