Tag Archives: Money Laundering

Hong Kong’s top court clarifies mental element in money laundering offence

In the recent case of HKSAR v Pang Hung Fai (FACC 8/2013), the Court of Final Appeal (the CFA) offered, for the first time, authoritative guidance on the mental element of “having reasonable grounds to believe” under section 25(1) of … Continue reading

Leave a Comment

Filed under Asia, Hong Kong & China, Sanctions

Anti-money laundering and anti-bribery systems and controls at asset management firms: FCA thematic review

In October 2013, the Financial Conduct Authority (FCA) published the much-anticipated report of its thematic review into anti-money laundering (AML) and anti-bribery and corruption (ABC) systems and controls at asset management and platform firms.  The report follows the FSA/FCA’s previous … Continue reading

Leave a Comment

Filed under Sanctions

FCA Fines Bank for Anti-Money Laundering Failings

On 8 August 2013 the Financial Conduct Authority (“FCA”) issued a Final Notice against Guaranty Trust Bank (UK) Limited (“GTBUK”), the fifth in a series of cases arising from the FSA’s 2010 thematic review of banks’ management of higher money … Continue reading

Leave a Comment

Filed under Corporate Crime, Sanctions, Uncategorized

Recent Sanctions Developments: EU relaxes certain Syrian sanctions and amends measures relating to North Korea, Iran and Tunisia; US relaxes Myanmar sanctions

The EU has recently published a new Regulation (Regulation 697/2013 of 22 July 2013 (“Regulation 697/2013”)) which amends Regulation 36/2012, the key piece of legislation setting out the EU’s sanctions against Syria.  In this briefing we analyse the new provisions … Continue reading

Leave a Comment

Filed under Corporate Crime, European Regulation, Sanctions

EU/UK: Recent sanctions developments concerning Myanmar (Burma), North Korea, Syria and Libya

Daniel Hudson, Karen Anderson Jeremy Sher and Richard Wright comment on recent developments concerning the EU sanctions regimes applying to Myanmar (Burma), North Korea, Syria and Libya.

1 Comment

Filed under Asia, Corporate Crime, Middle East, Sanctions

Proposed changes to the Money Laundering Regulations 2007 – Government response to consultation

Following a somewhat leisurely consultation process, the Government has this week published a response to its consultation on changes to the Money Laundering Regulations 2007 (“MLR”) and an impact assessment of the proposed changes (http://www.hm-treasury.gov.uk/fin_review_laundering_regs.htm).  The consultation follows a review … Continue reading

Leave a Comment

Filed under Corporate Crime, Latin America, Sanctions, UK

FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements

In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer … Continue reading

Leave a Comment

Filed under Corporate Crime, Sanctions, UK

Shah v HSBC: High Court clarifies bank’s duties to customers when making SARs

The High Court has clarified whether banks owe liability or have disclosure obligations to their customers in respect of whom they have made money laundering disclosures.  This case highlighted the difficult practical issues which can arise when a bank reports … Continue reading

Leave a Comment

Filed under Sanctions, UK