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Welcome to the November AML update
In this edition, we provide a policy update covering the recent publication of the National Risk Assessment, the government's 'Cutting Red Tape' consultation and an update on the transposition of the Fourth Money Laundering Directive (4 MLD).
We also have our regular Disciplinary digest and Launderers in the news features.
AML policy adviser Scott Devine provides an update and analysis on developments in the UK and abroad.
The government has issued their much anticipated National Risk Assessment (NRA) of money laundering and terrorist financing. The NRA covers the domestic risks of money laundering and terrorist financing within the regulated sector, including financial institutions and other regulated professionals, and the risks associated with cash, new payment methods, and UK legal entities and arrangements. It also covers the international risks to the UK from money flowing into and out of the country.
The National Crime Agency (NCA) has recently alerted supervisors to the re-emergence of a formerly issued typology regarding debt recovery by credit card payment. We have been informed that a group is active again using the same typology and that the NCA have received a number of recent reports.
If you would like to receive this re-issued typology, please email email@example.com
Our regular roundup of those hitting the headlines for money laundering in the last few months.
Our summary of recent decisions from the Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements.
The Law Society's Practice Advice Service shares a selection of typical questions related to various AML-related issues.
The International Bar Association, the Council of Bars and Law Societies of Europe, and the American Bar Association last year came together to develop the first global AML guidance written by lawyers, for lawyers. 'A Lawyer's Guide to Detecting and Preventing Money Laundering' looks at the vulnerabilities of the profession, the red-flag warning signs, and contains useful case studies outlining potential real-life scenarios faced by lawyers in this space.
The Law Society's Money Laundering Task Force (MLTF) has drafted guidelines for UK solicitors on how to complete a consent request. The guidance is a result of discussions held between the Law Society and the NCA, regarding common reporting errors and the complexity of NCA guidance in this area.
Events and training
The Law Society is running a series of free Money Laundering Reporting Officer (MLRO) regional networking groups, in association with Experian and Accuity.
Last year's sell-out attendance at the Law Society's Financial Crime and AML Conference shows that this year's conference is an event not to be missed. The 2015 conference will be held at the Law Society in London on Wednesday 18 November.
Policy makers, law enforcement agencies, regulators, academics and industry experts will look at upcoming changes, current policy development approaches and other hot topics, such as cybercrime and the sanctions regime.
We have confirmed speakers from the NCA, EU Commission and HM Treasury, among others.
The Law Society, 113 Chancery Lane, London, WC2A 1PL. Tel: 020 7242 1222
Events and training
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