HM Treasury has published an updated advisory notice regarding risks posed by unsatisfactory anti-money laundering and terrorist financing (AML/CTF) controls. The notice is issued in connection with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) (see daily news 26 June 2017), which require firms to put policies […]
Read MoreMoney Laundering Regulations 2017 – HM Treasury consultation
HM Treasury has published: a consultation on the Money Laundering Regulations 2017, which (i) outlines responses submitted and the UK Government’s policy positions following its previous consultation on the transposition of the Fourth Money Laundering Directive and Fund Transfer Regulation (see daily news 16 September 2016); and (ii) is accompanied by a draft of the […]
Read MoreHM Treasury confirms decision to change Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(RAO) definition of financial advice for regulated firms
On 28 February 2017, HM Treasury published a document setting out its response to its proposal to amend the definition of financial advice in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(RAO) (SI 2001/544) http://bit.ly/2mEvuMy HM Treasury explains that the majority of respondents supported the proposal to amend the […]
Read MoreSANCTIONS UPDATE – HMT CONSULTATION ON MONETARY PENALTY REGIME FOR ENFORCING FINANCIAL SANCTIONS
In April 2016, an e-bulletin on some of the changes being introduced in relation to the UK’s implementation and enforcement of financial sanctions was published. These changes included the creation of the Office of Financial Sanctions Implementation (“OFSI”) within Her Majesty’s Treasury (“HMT”) and proposed legislative changes contained in the current draft of the Policing […]
Read MoreAutumn Statement: Electronic Verification Guidance for Banks to be Updated
A financial services industry group will update guidance to help users gain digital access to financial services, the UK chancellor has announced as part of the government’s Autumn Statement. “The government … has agreed with the Joint Money Laundering Steering Group (JMLSG) that they will modernise their guidance on electronic ID verification to support the […]
Read MoreHM Treasury Financial Sanctions Updates: ISIL (Da’esh) & Al-Qaida Organisations
This item draws your attention to a Notice relating to ISIL (Da’esh) & Al-Qaida organisations which was published today on GOV.UK. Council Regulation (EC) 881/2002 imposing financial sanctions against ISIL (Da’esh) & Al-Qaida has been amended and an asset freeze still applies to the individuals. The Notice can be found at the following address: http://bit.ly/2d219FR The […]
Read MoreHM Treasury – Countries Committed to Sharing Beneficial Ownership Information
On 20 June 2016, HM Treasury published an updated list of countries supporting the initiative to automatically exchange information on beneficial ownership. Recent signatories include India and Colombia and, at the time of publication, the total number stands at 42. Jersey is committed to the initiative and was one of the original supporters of the […]
Read MoreHM Treasury – Countries committed to sharing beneficial ownership information
On 20 June 2016, HM Treasury published an updated list of countries supporting the initiative to automatically exchange information on beneficial ownership. Recent signatories include India and Colombia and, at the time of publication, the total number stands at 42. Jersey is committed to the initiative and was one of the original supporters of the […]
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