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AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived]

AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived] This timeline outlines developments from 1 January 2019 to 31 December 2023 relating to the anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing (CPF) legal and regulatory regimes applicable to financial services firms—from a UK, EU and supranational perspective. For a timeline of UK developments from 1 January 2024, see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services, and for a timeline of EU developments from 1 January 2024, see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. It shows the developments and implementation history of the European AML, CTF and CPF legislative framework, including progress of the EU’s revised AML/CTF package, and including Directive (EU) 2015/849 (MLD4) and Directive (EU) 2018/843 (MLD5), its implementation in the UK through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (2017 Money Laundering Regulations as amended (MLRs)), in addition to AML/CTF related developments from HM...

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Corporate criminal liability

This Practice Note deals with what is meant by corporate liability in relation to criminal law. It covers establishing corporate liability, the identification principle and the evidence required to establish corporate liability for prosecution.For an explanation of the factors which are taken into account before a company is prosecuted, procedure and how sentencing may be carried out following conviction, see Practice Note: How to prosecute a business.Corporate liabilityA company is defined for the purposes of the Companies Act 2006 (CA 2006) to mean a company formed and registered under the Act (see Practice Note: Incorporating a company—What is a company?). A company may also be defined by reference to its predecessors or equivalent legislation from another jurisdiction. A company may be either incorporated (a body corporate) or unincorporated. There are other bodies corporate which are not commonly described as companies, such as partnerships.A corporate body, including a company, is a separate legal identity (sometimes called a non-natural person). As such, it can be tried, convicted and sentenced for committing a crime....

Failure to carry out health and safety duties under HSWA 1974—offences

This Practice Note summarises the key offences which can be committed under the Health and Safety at Work etc Act 1974 (HSWA 1974) and the process for their prosecution in the criminal courts in England and Wales.For information on health and safety prosecutions in Scotland, see Practice Notes: Health and safety investigations in Scotland, Prosecution process for health and safety cases in Scotland and Sentencing health and safety cases in Scotland.Main duties imposed by HSWA 1974It is an offence for an employer to fail to comply with a duty specified in HSWA 1974, ss 2–4 and 6.HSWA 1974, ss 2–4 and 6 set out the general duties of employers, the self-employed, persons who have control of premises, and manufacturers and suppliers to ensure the health and safety of employees and members of the public who may be affected by their work activities. HSWA 1974, s 2 imposes a duty on employers to ensure, so far as is reasonably practicable, the health, safety and welfare of employees. What steps employers must...

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Can company directors be prosecuted as individuals for offences under sections 1 and 2 of the Modern Slavery Act 2015?

Can company directors be prosecuted as individuals for offences under sections 1 and 2 of the Modern Slavery Act 2015? In answering this Q&A, research has been limited to cover offences under section 1 and 2 of the Modern Slavery Act 2015 (MSA 2015) and other possible offences under other legislation relating to trafficking have not considered. MSA 2015, ss 1 and 2 provide for offences of human trafficking and slavery, servitude and forced or compulsory labour. It includes sexual and non-sexual exploitation. It came into force on 31 July 2015. The offence of slavery, servitude and forced or compulsory labour is defined in MSA 2015, s 1 as: • a person held by another person in slavery or servitude and the person knows or ought to know that the other person is held in slavery or servitude • the person requires another person to perform forced or compulsory labour and the person knows or ought to know that the other person is being required to perform...

What are the privilege issues which arise in relation to a regulatory investigation?

What are the privilege issues which arise in relation to a regulatory investigation? Professional privilege—core principles The core aim of privilege is to protect the confidentiality of communications between clients and their lawyers. The right belongs to the client and not to the lawyer. The definition of ‘client’ in a civil litigation context in the UK was limited in the landmark case of Three Rivers District Council v Bank of England (No 5) where the definition of the 'client' bank was limited to the working group set up to prepare a response from the bank to an inquiry. The scope was not extended to employees of the bank outside that working group. In Astex Therapeutics Ltd v Astrazeneca AB applying Three Rivers (No 5), the High Court held that certain employees were not part of the 'client' for privilege purposes. For a detailed consideration of this decision, including practical implications arising from it, see News Analysis: Hiding communications behind the cloak of legal advice...

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25 years of OECD's anti-bribery convention

Law360: This year marks the 25th anniversary of the Organisation for Economic Cooperation and Development's Convention (OECD) on Combating Bribery of Foreign Public Officials in International Business Transactions.

Labour’s fresh approach to tackling financial crime

Law360, London: With a new government, especially one with a commanding majority and mandate, comes the possibility of a new approach to tackling financial crime.