HMT publishes new Money Laundering Statutory Instruments
Following a consultation on proposed changes to the Money Laundering Regulations 2007 (S.I. 2007/2156) (the Regulations), HM Treasury has published:
- The Money Laundering (Amendment) Regulations 2012 (2012/2298) and explanatory memorandum; and
- The Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the regulated sector) (No. 2) Order 2012 (2012/2299) and explanatory memorandum.
Please click here for our blog on the changes to the Money Laundering Regulations.
FSA publishes Financial Crime Newsletter - issue 16
The FSA has published issue number 16 of its Financial Crime Newsletter. The newsletter provides an update of the FSA's work in the area of financial crime. Tracey McDermott, Director of Enforcement and Financial Crime at the FSA, said that the FSA will continue to focus on tackling key financial crime risks. In particular the FSA will continue its intensive and intrusive work on anti-money laundering (AML), sanctions, counter-terrorist financing and anti-bribery and corruption (ABC) systems and controls in respect of very large banks. The newsletter also provides further detail on recent thematic reviews and enforcement cases.
The FSA's next round of thematic reviews will focus on:
- money laundering, terrorist financing and sanctions risks in trade finance; and
- AML and ABC systems and controls in asset management firms.
The FSA expects to publish both reports by the third quarter of 2013.
FSA speech on tackling financial crime
Tracey McDermott, Director of Enforcement and Financial Crime at the FSA, has given a speech on tackling financial crime. Ms McDermott's speech focused on the role of the FSA, and subsequently the Financial Conduct Authority (FCA), in combatting financial crime. Ms McDermott spoke about:
- forthcoming guidance on banks' defences against investment fraud - which is expected in November 2012;
- the FSA's focus on anti-money laundering (AML) controls for high-risk consumers;
- the FSA's thematic review and work in relation to trade finance, with a report expected to be published in summer 2013; and
- the FCA's future work in relation to a systemic AML programme (formerly known as the core financial crime programme) which will, on an ongoing basis, take an in-depth view of how robust the AML and sanctions controls are in the biggest banks operating in the UK.
Presidency compromises on MAR and MAD
The European Council has published presidency compromises on the proposed Regulation on insider dealing and market manipulation (MAR) dated 4 October and the proposed Directive on criminal sanctions for insider dealing and market manipulation (MAD) dated 5 October.