Extensions to the Anti-Money Laundering Compliance Regime – Family Law Week

‘Matthew Moore, director of Infolegal, advises family lawyers of their obligations under anti-money laundering regulations following changes [to the] wording of what constitutes taxation advice.’

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Family Law Week, 24th November 2020

Source: www.familylawweek.co.uk

Unexplained Wealth Orders: Suspected money launderer gives up £10m of property – BBC News

‘Around £10m of property has been surrendered in a major victory against some of northern England’s most dangerous criminals. The apartments and homes were given up to the National Crime Agency by a Leeds businessman who investigators suspect of being a major money-launderer.’

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BBC News, 7th October 2020

Source: www.bbc.co.uk

Furlough Fraud – The Coming Storm – 33 Bedford Row

Posted July 30th, 2020 in coronavirus, fraud, money laundering, news, remuneration, tax evasion by sally

‘On the 8th of July 2020 the first reported arrest took place in the West Midlands of a 57-year-old man suspected of “furlough fraud”. The arrest and search of his property has been reported widely in the national media. It was reported that following arrest the man had his computers, digital devices and documents seized in relation to an alleged £495,000 fraud. His bank accounts have been frozen.’

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33 Bedford Row, 27th July 2020

Source: www.33bedfordrow.co.uk

Lawyers have become “de facto agents of Russian state” – Legal Futures

‘Lawyers have become “de facto agents of the Russian state” by helping to smooth the way of Russian money entering the UK, according to Parliament’s Intelligence and Security Committee.’

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Legal Futures, 22nd July 2020

Source: www.legalfutures.co.uk

Commerzbank fined £38m by UK watchdog for money-laundering failings – The Guardian

Posted June 18th, 2020 in banking, financial regulation, fines, money laundering, news by sally

‘The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.’

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The Guardian, 17th June 2020

Source: www.theguardian.com

Corporate failure to prevent abuses – Law Society’s Gazette

‘While debate rumbles on over the extension of ‘failure to prevent’ offences into the broad spectrum of financial crime, including fraud and money laundering, some have called for their introduction into an altogether different sphere: human rights.’

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Law Society's Gazette, 6th April 2020

Source: www.lawgazette.co.uk

Gambling firm Betway hit with record £11.6m penalty – BBC News

Posted March 13th, 2020 in consumer protection, fines, gambling, money laundering, news, ombudsmen by tracey

‘Online betting firm Betway has been hit with a record penalty of £11.6m for failings over customer protection and money-laundering checks.’

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BBC news, 12th March 2020

Source: www.bbc.co.uk

Unexplained Wealth Order focuses on London mansion – BBC News

Posted March 10th, 2020 in money laundering, news, unexplained wealth orders by tracey

‘A high-security mansion on one of London’s most exclusive roads is the target of the UK’s latest use of Unexplained Wealth Orders (UWOs).’

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BBC News, 10th March 2020

Source: www.bbc.co.uk

Tommy Adams ordered to repay £1.24m for dirty cash laundering operation – Crown Prosecution Service

Posted February 28th, 2020 in assets recovery, money laundering, news, proceeds of crime by tracey

‘Thomas “Tommy” Adams has been ordered to repay £1,243,270.75 for his part in a dirty cash laundering network. Adams ran a money laundering operation with his associates, which was foiled in 2014 when undercover police heard him discussing the illicit activity at a central London café.’

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Crown Prosecution Service, 27th February 2020

Source: www.cps.gov.uk

“The Magnitsky Act – What Now for the Future in the UK” An Article by Lesley Manley – Church Court Chambers

Posted February 26th, 2020 in chambers articles, human rights, money laundering, news by sally

‘The “Magnitsky Act” is a trailblazing piece of legislation enacted by the United States. Lesley Manley looks at developments thus far in the UK and considers how the UK jurisdictions will proceed following the withdrawal from the European Union.’

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Church Court Chambers, 26th February 2020

Source: churchcourtchambers.co.uk

SRA money laundering supervision to extend to tax advice – Legal Futures

‘The Solicitors Regulation Authority (SRA) could face a cash shortage if the new anti-money laundering (AML) rules increase the number of firms it supervises, it has warned.’

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Legal Futures, 18th February 2020

Source: www.legalfutures.co.uk

Lessons learned from account forfeiture proceedings (NCA v Vlad Luca Filat) – 5 SAH

Posted January 16th, 2020 in bribery, corruption, forfeiture, money laundering, news by sally

‘The Crown Court dismissed Vlad Luca Filat’s appeal against the decision to forfeit £500,000 held in three bank accounts in his name. The court held that the money derived from bribery and corruption offences committed by the appellant’s father, the former prime minister of Moldova, and was obtained by money laundering. The case was the National Crime Agency’s first contested account forfeiture application. James Fletcher, barrister at 5SAH Chambers, who appeared for the National Crime Agency, suggests that these types of applications are likely to be deployed more and more often.’

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5 SAH, 14th January 2020

Source: www.5sah.co.uk

UK courts “under attack” from Russian manipulation – Litigation Futures

Posted January 14th, 2020 in international relations, money laundering, news, reports, rule of law, Russia by sally

‘The corrupt leaders of Russia are manipulating courts and tribunals around the world – with a particular focus on the UK – with “blatant lies, forged documents, and utterly implausible explanations”, it was claimed today.’

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Litigation Futures, 13th January 2020

Source: www.litigationfutures.com

Four days to comply with new money laundering rules – Legal Futures

‘Lawyers have until just this Friday to ensure they comply with the Fifth Money Laundering Directive, the government announced just before Christmas.’

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Legal Futures, 6th January 2020

Source: www.legalfutures.co.uk

Jailed solicitor must repay £3m or face more prison time – Legal Futures

‘A jailed solicitor involved in the UK’s biggest ever tax fraud must repay £3m of his ill-gotten gains or face a further nine years in prison, a judge at the Old Bailey has ruled.’

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Legal Futures, 18th December 2019

Source: www.legalfutures.co.uk

Criminal Finance Act 2017: Crime still doesn’t pay – 5SAH

‘Financial gain provides the motivation behind all serious and organised crime. Billions of pounds are laundered through the UK every year. Understandably, it has long been the government’s policy to implement effective legislation to tackle this issue.’

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5SAH, 2nd December 2019

Source: www.5sah.co.uk

Hawala: why it is used and what family practitioners should know about it – Family Law Week

‘Byron James, Partner and Head of Expatriate Law in Dubai, explains the challenges presented to family lawyers by the effective method of anonymous international money transfer system used around the world.; why and what family practitioners should know about it.’

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Family Law Week, 20th November 2019

Source: www.familylawweek.co.uk

Bart Casella writes about Unexplained Wealth Orders and changes to applications for Account Freezing Orders – 23 Essex Street

‘Before UWOs came into force on 31 January 2018, I provided seminars to solicitors on the potentially far reaching effects that the orders could have, including on mortgagees and trustees of property held by individuals who qualified for an order or in relation to enforcement by HMRC in respect of inappropriate tax planning. The reality is that the investigating authorities in the UK have thus far concentrated on the ‘low hanging fruit’.’

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23 Essex Street, 4th November 2019

Source: www.23es.com

Dozens of law firms enabling corruption, report finds – Legal Futures

Posted October 25th, 2019 in corruption, law firms, money laundering, news, professional conduct, statistics by sally

‘Dozens of UK law firms are – wittingly or unwittingly – providing corrupt individuals with services that enable them to “move, hide and defend their ill-gotten gains with impunity”, Transparency International (TI) has claimed.’

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Legal Futures, 25th October 2019

Source: www.legalfutures.co.uk

Former milkman sentenced for money laundering – Crown Prosecution Service

‘A former milkman who got into financial difficulties has been sentenced for money laundering.’

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Crown Prosecution Service, 26th September 2019

Source: www.cps.gov.uk