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The main aim of the 2017 Regulations is to ensure that the UK’s anti-money laundering and counter terrorist financing regimes are comprehensive, up to date, effective and also proportionate, so that our financial system is 'an increasingly hostile environment for money laundering and terrorist financing’.
Many of the changes required by the Fourth Directive have already been integrated into UK law, but the main change under the 2017 Regulations will relate to enforcement, which will be far more robust, including more criminal offences, as well as increased administrative sanctions, which enable supervisory authorities to impose civil penalties (e.g. fines, statements, suspensions, removal of authorisation, injunctions, powers to prohibit individuals from managing and additional FCA disciplinary measures) on those contravening a relevant requirement imposed on them.
Briefly, key changes include:
For a full copy of this article, including LBS Legal’s advice about the steps you should take in relation to the new Regulations, email Andre Tahmassian-Zarneh at email@example.com or contact him on 07572 068105.
For a full copy of this article, including LBS Legal’s advice about the risks to which you and your practice may be exposed and the steps you can take to mitigate those risks, email Andre Tahmassian-Zarneh (Compliance Consultant) at firstname.lastname@example.org or contact him on 07572 068105.
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The Law Society has issued a practice note about the risks to solicitors posed by this new legislation, which came into force on 30 September.
The SRA has urged all practices to check HM Treasury’s consolidated list of asset freeze targets, which lists designated persons subject to financial sanction under EU or UK legislation.
The practising certificate renewal period opened on Monday 2 October.
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