Financial Crime World

Financial Crime Definition in UK: What You Need to Know

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As a solicitor in the United Kingdom, you play a crucial role in facilitating transactions, making you a potential target for criminals. To stay ahead of financial crime and comply with legal obligations, it’s essential to be aware of your duties and responsibilities.

Anti-Money Laundering (AML) Guidance

Approved by HM Treasury, the anti-money laundering guidance for the legal sector takes into account the changes introduced by the Money Laundering Regulations 2017. The guidelines provide a comprehensive framework for solicitors to identify and report suspicious transactions. To stay up-to-date with the latest requirements, read the AML guidance for the legal sector.

Key Takeaways:

  • Approved by HM Treasury
  • Takes into account changes introduced by the Money Laundering Regulations 2017
  • Provides a comprehensive framework for identifying and reporting suspicious transactions

EU’s 5th Money Laundering Directive: Key Changes

In January 2020, the EU’s 5th Money Laundering Directive came into effect, introducing new regulations for firms to comply with. Our summary of changes will help you navigate these requirements and ensure your firm is in compliance.

Key Changes:

  • Increased transparency and reporting requirements
  • Stricter customer due diligence procedures
  • Enhanced risk-based approach to AML

Failure to Prevent Offences

The Criminal Finances Act 2017 introduced a corporate offence of failure to prevent the criminal facilitation of tax evasion. Our practice note provides guidance on the definition of an associated person, risk assessments, communication, training, monitoring, and reporting.

Key Points:

  • Definition of an associated person
  • Risk assessments
  • Communication and training
  • Monitoring and reporting

Bribery Act 2010: What You Need to Know

The Bribery Act 2010 makes it an offence for UK citizens or residents to pay or receive bribes. Companies and partnerships can also be held liable if a bribe is paid on their behalf by an associate. Our practice note covers the provisions of the act, including steps firms can take to prevent bribery.

Key Points:

  • Offence of paying or receiving bribes
  • Liability for companies and partnerships
  • Steps to prevent bribery

Financial Sanctions

The Office of Financial Sanctions Implementation ensures compliance with financial sanctions, ensuring they are properly understood, implemented, and enforced. Use GOV.UK to find information on:

Key Resources:

  • Doing business with someone subject to financial sanctions
  • Identifying targets by regime
  • Accessing guidance and FAQs

Responding to Investigations

When faced with a financial crime investigation, it’s crucial to manage compliance with your duty to keep client information confidential. Our practice note provides an overview of main powers law enforcement can use when investigating financial crime, as well as advice on seeking legal advice from a specialist criminal law solicitor.

Key Points:

  • Main powers of law enforcement
  • Duty to keep client information confidential
  • Seeking legal advice

Raising Concerns and Whistleblowing

As a solicitor, you have regulatory obligations to raise concerns and report to the Solicitors Regulation Authority. Our practice note provides guidance on how to raise concerns about your firm or organisation, including advice for individuals on what steps to take.

Key Points:

  • Regulatory obligations
  • Raising concerns about your firm or organisation
  • Steps to take as an individual