Announcements

Foreign & Commonwealth Office publishes guidance on sanctions licensing policy after Brexit

The Foreign & Commonwealth Office has published guidance detailing the UK Government’s intended approach to sanctions exceptions and licences after Brexit. Sanctions exceptions and licences are mechanisms through which restrictive measures imposed by sanctions may be relaxed in specific circumstances. … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

UNITED STATES ANNOUNCES COMPLETE WITHDRAWAL FROM THE JCPOA, AND PROVIDES WINDING-DOWN PERIOD BEFORE SANCTIONS RE-IMPOSITION

On May 8, 2018, President Trump announced that the United States will completely withdraw from the Joint Comprehensive Plan of Action (the “JCPOA“). The JCPOA, signed in July 2015 and implemented on January 16, 2016, lifted most US nuclear related … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

A NEW GLOBAL TOOLKIT FOR FIGHTING MISCONDUCT RISK: WHAT DOES THIS MEAN FOR FIRMS AND REGULATORS?

On 20 April 2018, the Financial Stability Board (FSB) released its long awaited toolkit (Toolkit) for firms and regulators’ use in fighting misconduct risk. The Toolkit forms part of the FSB’s workplan to mitigate misconduct risk, and builds on existing … Continue reading

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Filed under Announcements, European Regulation, Hong Kong, Sector Updates by Herbert Smith Freehills

HKMA CONDUCTS THEMATIC REVIEW OF AUTHORISED INSTITUTIONS’ SANCTIONS SCREENING SYSTEMS AND PLANS REVIEW OF SVF LICENSEES

Late last week, the HKMA published a circular to provide feedback to authorised institutions (AIs) on its thematic review of their sanctions screening systems, which took place in the past few months. While the review indicated that the screening systems examined were in … Continue reading

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Filed under Announcements, Asia, Corporate Crime, Hong Kong, Sanctions and Money Laundering

FCA Business Plan and Sector Views

Today, 9 April 2018, the FCA has published its Business Plan 2018/19. The Plan covers: EU withdrawal, priorities for 2018/19, and sector priorities. 

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Filed under Announcements, FCA, UK

US ANNOUNCES NEW RUSSIA SANCTIONS DESIGNATIONS, RELEASES NEW GUIDANCE

On April 6, 2018, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced new designations of seven high-net-worth Russian individuals and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian … Continue reading

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Filed under Announcements, Corporate Crime, Russia, Sanctions and Money Laundering, US

INSPIRED BY THE UK REGIME, SINGAPORE INTRODUCES DEFERRED PROSECUTION AGREEMENTS FOR CORRUPTION AND MONEY LAUNDERING OFFENCES

The Singapore parliament has enacted a framework for Deferred Prosecution Agreements. This will apply to corporate offences including corruption, money laundering and the receipt of stolen property. DPAs will need to be supervised by a judge and confirmed by the … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, Singapore, UK

US SUPREME COURT LIMITS THE SCOPE OF “WHISTLEBLOWERS” UNDER DODD-FRANK ACT’S ANTI-RETALIATION PROVISION

On February 21, 2018, the US Supreme Court decided that the Dodd-Frank Act’s whistleblower protections do not extend to an individual who has not reported a potential securities law violation to the SEC. The decision resolved a previous split among … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, US

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting … Continue reading

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Filed under Announcements, FCA, PRA, UK, UK Regulations

HONG KONG ENHANCES ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING REQUIREMENTS FOR NON-FINANCIAL INSTITUTIONS

From 1 March 2018, a number of Hong Kong businesses and professions will be subject to enhanced customer due diligence and record-keeping obligations in light of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance. The amendment introduces changes … Continue reading

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Filed under Announcements, Bribery and Corruption, Hong Kong, Sanctions and Money Laundering