Government gives green light to Deferred Prosecution Agreements

In our earlier briefing we reported on the Government’s consultation to introduce Deferred Prosecution Agreements (“DPAs”) – a new mechanism for addressing criminal conduct by commercial organisations. On 23 October, the Ministry of Justice published its Response to that Consultation and confirmed that it intends to introduce DPAs by way of an amendment to the … Read more

New US Executive Order in relation to Iran and enforcement action against two non-US banks

On 31 July 2011 Barack Obama enacted a new Executive Order ‘Authorising Additional Sactions with Respect to Iran’,  which has immediate effect.  The US Department of the Treasury also announced yesterday the imposition of sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”), against two non-US financial institutions (one Iraqi, one … Read more

Deferred Prosecution Agreements consultation – one week to go!

On 17 May 2012 the Ministry of Justice published a consultation paper ‘Consultation on a new enforcement tool to deal with economic crime committed by commercial organisations: Deferred prosecution agreements‘.  The paper proposes – as an alternative to the current options of criminal prosecution or a civil recovery order – a variant of the US … Read more

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 (  The consultation follows a review of the operation of the MLR which was undertaken in 2009-10, and a consequential consultation … Read more

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 (“MLRO”) Syed Hussain £17,500 for failure to take reasonable steps to ensure that Habib complied … Read more