UK bitcoin money laundering case underscores key prevention role of professional services – OUT-LAW.com

Posted March 25th, 2024 in cryptocurrencies, legal profession, money laundering, news by tracey

‘A recent case involving the seizure of over £2 billion worth of bitcoin in the UK highlights the crucial role professionals in the financial and legal sectors can play in preventing money laundering, a financial crime expert has said.’

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OUT-LAW.com, 22nd March 2024

Source: www.pinsentmasons.com

Woman found with £2bn in Bitcoin convicted of money laundering arrangement offence – BBC News

Posted March 21st, 2024 in cryptocurrencies, money laundering, news by sally

‘A former takeaway worker found with Bitcoin worth more than £2bn has been convicted at Southwark Crown Court of a crime linked to money laundering.’

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BBC News, 20th March 2024

Source: www.bbc.co.uk

SRA warns solicitors over ‘deepfake’ clients and vendor fraud – Legal Futures

‘The Solicitors Regulation Authority (SRA) has warned lawyers who rely on video calls to identify clients of the risks posed by “deepfake” technology.’

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Legal Futures, 12th March 2024

Source: www.legalfutures.co.uk

SDT dismisses case against Dentons as SRA left with costs bill – Law Society’s Gazette

‘The solicitors’ regulator has suffered a major setback with its prosecution of the world’s biggest firm amounting effectively to nothing.’

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Law Society's Gazette, 11th March 2024

Source: www.lawgazette.co.uk

Three-partner firm slapped with £23k fine for AML oversights – Law Society’s Gazette

‘A firm operating from two small offices in the south west has been hit with a £23,000 fine for failing to comply with money laundering regulations.’

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Law Society's Gazette, 4th March 2024

Source: www.lawgazette.co.uk

Government rejects major changes to SARs regime – Legal Futures

Posted February 20th, 2024 in government departments, Law Commission, money laundering, news by tracey

‘The Home Office has rejected changes proposed by the Law Commission almost five years ago, which would have introduced statutory guidance on the suspicious activity reports (SARs) made by professionals under the UK’s anti-money laundering regime (AML) regime.’

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Legal Futures, 20th February 2024

Source: www.legalfutures.co.uk

Government responds to anti-money laundering recommendations – Law Commission

‘The Government has published its response to the Law Commission’s anti-money laundering report. Of the 19 recommendations made, the Government has accepted, or partially accepted, 13 of them.’

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Law Commission, 15th February 2024

Source: lawcom.gov.uk

Leading firm fined £101,000 for anti-money laundering failures – Legal Futures

Posted November 27th, 2023 in fines, law firms, money laundering, news, solicitors, Solicitors Regulation Authority by tracey

‘A leading South-West law firm has been fined £101,357 for failing to act over money laundering red flags on three property transactions, two of which may have involved a sanctioned entity.’

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Legal Futures, 27th November 2023

Source: www.legalfutures.co.uk

Failure to Prevent Fraud – Being a Friend of Business – Guildhall Chambers

Posted November 15th, 2023 in chambers articles, company law, fraud, money laundering, news, Russia, Ukraine by sally

‘The Economic Crime and Corporate Transparency Bill received Royal Assent on 26 October 2023. An initial Economic Crime (Transparency and Enforcement) Act 2022 was passed at speed in the wake of the invasion of Ukraine to deter Russian oligarchs from laundering money in the London property market. This 2023 Act follows on as part of a welcome Parliamentary focus on how economic crime can impact the international reputation and stability of the UK as well as its cost to the Exchequer.’

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Guildhall Chambers, 31st October 2023

Source: www.guildhallchambers.co.uk

Barristers “need guidance from chambers on sanctions compliance” – Legal Futures

Posted November 1st, 2023 in barristers, money laundering, news, sanctions by sally

‘Chambers need to have “mechanisms and guidance in place” to ensure their barristers are complying with UK sanctions, the Bar Standards Board (BSB) has said.’

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Legal Futures, 31st October 2023

Source: www.legalfutures.co.uk

New Act – legislation.gov.uk

Posted October 30th, 2023 in company directors, company law, corruption, fraud, legislation, money laundering by tracey

2023 c. 56 – Economic Crime and Corporate Transparency Act 2023

Robust new laws to fight corruption, money laundering and fraud – Home Office

‘The Economic Crime and Corporate Transparency Act received Royal Assent on Thursday 26 October.’

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Home Office, 26th October 2023

Source: www.gov.uk

“No evidence” that barristers need new AML regime – Legal Futures

Posted October 16th, 2023 in barristers, Legal Services Board, money laundering, news, terrorism by tracey

‘There is “absolutely no evidence” that barristers and other advocates need a new anti-money laundering (AML) and counter-terrorism financing regime, their UK representative bodies have argued.’

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Legal Futures, 16th October 2023

Source: www.legalfutures.co.uk

Forfeiture ruling highlights underground banking threat – Law Society’s Gazette

Posted September 8th, 2023 in banking, China, forfeiture, money laundering, news by tracey

‘A money laundering case involving the sale of a £1.73million house has thrown a rare spotlight on the operations of the Chinese underground banking system.’

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Law Society’s Gazette, 7th September 2023

Source: www.lawgazette.co.uk

Germany refuses to extradite man to UK over concerns about British jail conditions – The Guardian

Posted September 5th, 2023 in drug trafficking, extradition, money laundering, news, prisons, warrants by sally

‘A German court has refused to extradite to the UK a man accused of drug trafficking because of concerns about prison conditions in Britain.’

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The Guardian, 5th September 2023

Source: www.theguardian.com

Cryptocurrency: 11 members of £5m drugs gang jailed – BBC News

‘Eleven members of a drugs gang have been jailed for a multi-million pound cocaine and money laundering operation.’

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BBC News, 30th July 2023

Source: www.bbc.co.uk

Cryptocurrency: Four members of £5m drugs gang jailed – BBC News

‘A drugs gang have been jailed for a multimillion pound operation which laundered profits in cryptocurrency.’

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BBC News, 27th July 2023

Source: www.bbc.co.uk

COVID-19 fraudster sentenced for laundering nearly £200k from taxpayers – Crown Prosecution Service

‘A fraudster who sought to exploit the taxpayer through a COVID-19 support scheme has been sentenced today (3 July 2023).’

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Crown Prosecution Service, 3rd July 2023

Source: www.cps.gov.uk

More action to fight fraud, bribery and other economic crime – Home Office

‘Plans have been submitted to modernise the identification doctrine, a legal principle which can hold corporations criminally liable for an offence.’

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Home Office, 15th June 2023

Source: www.gov.uk

Former boss of a City of London foreign exchange company jailed for an around £70m fraud – Crown Prosecution Service

‘The former director of a finance company, based in the City of London, has been imprisoned today (9 June 2023) of being responsible for an around £70m investment fraud, which stole money from members of the public.’

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Crown Prosecution Service, 9th June 2023

Source: www.cps.gov.uk