Category Archives: Money laundering

The dawn of the SFO supergrass?

Lisa Osofsky’s appointment as the new Director of the SFO has been heralded as a turning point.  With a “different kind of Director”[1] came the promise of new ideas, attitudes and ways of working, not least the use of “flipped defendants, who later become witnesses.”[2] This formed a staple of the Director’s previous tenure as […]

The criminal future of AML enforcement

We have also commenced a small number of investigations into firms’ systems and controls where, for the first time, we have indicated to those firms that we are looking at whether there has been any misconduct that might justify a criminal prosecution under the Money Laundering Regulations. I am conscious that starting criminal investigations against […]

Money laundering and confiscation – Court of Appeal approves tough approach to calculating benefit

Of all the criticisms that might be levelled at the Proceeds of Crime Act 2002 (‘POCA’), lack of litigious possibility is not one of them. As POCA approaches its 17th birthday, defendants continue to find points to take, whereas the courts continue to produce rulings which ensure that POCA remains the statutory gift that keeps […]

Edward Grange comments on the SFO’s decision to end its investigations into GSK and Rolls-Royce in GIR

The SFO’s new director has scrapped a bribery investigation into GlaxoSmithKline and decided against pursuing individuals linked to the agency’s landmark Rolls-Royce bribery case. Ending long-running speculation from within the London white-collar community, the UK Serious Fraud Office (SFO) released a statement on 22 February announcing that the prosecution of individuals tied to a bribery scheme allegedly […]

Claire Cross comments on the FCA’s first decision notice against former CEO of Sonali Bank UK in GIR

The former CEO of Sonali Bank UK is contesting an FCA decision to fine him £76,400 for allegedly failing to take reasonable steps to assess and mitigate anti-money laundering risks. The FCA published a decision notice against Mohammed Ataur Rahman Prodhan on 4 December, alleging that the former CEO failed to ensure that sufficient focus was given to the UK subsidiary […]

Andrew Smith comments on anti-money laundering measures and FinTech in KYC360

UK anti-money laundering (AML) – Hot topics for 2018 The past 12 months ushered in key reforms, including the Fourth Anti-Money Laundering Directive, the UK’s designs for its own AML and sanctions legislation post-Brexit, a shake-up of main financial crime bodies such as the Serious Fraud Office and its new relationship with the National Crime […]

Jessica Parker comments on the facilitation of tax evasion in economia

Accessory to evasion Her Majesty’s Revenue and Customs (HMRC) has launched its new weapon in the war on tax cheats – an offence of “failure to prevent the facilitation of tax evasion”. The mechanism started ticking for real on 30 September. But many firms have already shrugged their shoulders, given a resigned sigh, and started […]

4MLD and the Gambling Industry

The European Union’s Fourth Anti-Money Laundering Directive (4MLD) came into force in June 2015, allowing Member States two years to transpose the legislation into national law. The UK did so by way of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017), which came into force on […]