Financial

If you have information about sanctions evasion or weaknesses in sanction controls we want you to report it to us.

https://www.fca.org.uk/firms/financial-crime/reporting-sanctions-evasions

MPs today called for a crack down on “dirty money” as they argued City bosses should face jail if they fail to prevent illicit cash from flowing through the UK’s financial system.

https://www.cityam.com/top-city-bosses-should-face-jail-over-failures-to-prevent-economic-crime-cross-party-mps-say/

Laura Suter, head of personal finance at AJ Bell, comments on the Government’s plan to force banks to reimburse fraud victims:

“The Government clearly doesn’t think the banking industry’s voluntary system for reimbursing fraud victims is doing enough, as it has announced plans to let the regulator force banks to compensate those scammed. It has branded the current scheme ‘inconsistent’ with ‘disparities’ between how banks hand out compensation and points out that it has left many victims suffering losses."

Our Business Plan details the work we'll do over the next 12 months to help deliver the commitments in our Strategy and how we will measure progress.

https://www.fca.org.uk/publications/business-plans/2022-23

In this sponsored briefing originally published in the 'Disputes Yearbook 2022' for Legal Business, we consider the current scope of the Quincecare duty and some of the practical issues of which banks need to be aware following the latest judgment from the Court of Appeal.

https://www.shlegal.com/insights/the-quincecare-duty-when-shouldn-t-you-follow-instructions?27042022103837

Financial sanctions orders prohibit a firm from carrying out transactions with a person or organisation (known as the target). In some cases, the order will prohibit a firm from providing any financial services to the target.

https://www.fca.org.uk/firms/financial-crime/financial-sanctions

Police raided trade union Unite’s London offices over allegations of bribery, fraud and money laundering, while one of its employees is subject to a criminal investigation.

https://www.cityam.com/police-raid-unites-hq-over-bribery-fraud-and-money-laundering-claims-with-one-employee-under-investigation/

Police have searched the headquarters of the Unite union as part of an investigation into allegations of bribery, fraud and money laundering.

https://www.bordertelegraph.com/news/20053196.unite-headquarters-searched-police-investigate-bribery-fraud-allegations/?ref=twtrec

The head of the UK’s financial regulator has called on Facebook to take action against investment scams.

https://www.cityam.com/financial-watchdog-chief-calls-on-meta-to-up-its-game-with-blocking-investment-fraud/

The Financial Conduct Authority (FCA) has announced a new strategy to shut down “problem firms” that do not meet basic regulatory standards.

https://uk.finance.yahoo.com/news/financial-conduct-authority-plans-faster-071639473.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr