STEP hosted a webinar on 1 December which highlighted the red flags that practitioners should be aware of in the course of setting up and administering trusts. It included a presentation from the National Economic Crime Centre (NECC) of the UK’s National Crime Agency (NCA) Toby Crooks TEP of Rawlinson & Hunter moderated the event… Read More Anti-Money Laundering webinar: red flags and trusts
The European Commission has recently adopted and published its latest Supranational Risk Assessment (SNRA) Report.… Read More European Commission launches its Supranational Risk Assessment Report for 2022
Anti-Money Laundering Europe (AME) hosted a webinar on 29 September that was moderated by the chairman of STEP Europe, Paolo Panico TEP.… Read More Anti-Money Laundering Europe (AME) roundtable on the EU’s AML/CFT legislative package
The Financial Action Task Force (FATF) announced a public consultation of its review of Recommendation 24 in 2020. STEP attended multiple public and private meetings with FATF to discuss the potential amendments to the regime. The overarching objective of the review is to strengthen the measures in place and mitigate the obstacles to transparency and risks… Read More FATF’s adopted amendments to Recommendation 24
The Financial Action Task Force (FATF) is conducting a review of Recommendation 25, which covers the transparency and beneficial ownership of legal arrangements. The FATF’s objective is to improve Recommendation 25 and its Interpretive Note to meet its overall objective of preventing the misuse of legal arrangements for money laundering or terrorist financing. The FATF… Read More FATF invites STEP to discuss potential revision of Recommendation 25
Money Laundering and the efforts of governments to combat it and increase transparency and reporting of ownership globally continue to be a hot topic. One body that has been looking at this area is the European Union, which is in the process of launching its new Anti-Money Laundering (AML) Package 2021. This package was explored… Read More EU announces Anti-Money Laundering (AML) Package 2021
HM Revenue & Customs (HMRC) invited some of the UK’s financial industry experts, including STEP, to join an overview of the OECD’s current review of the Common Reporting Standard (CRS). The OECD will launch a consultation later this year, but has requested early input from industry experts on the improvements and changes that they would… Read More The OECD reviews the Common Reporting Standard
On 3 June, STEP joined a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s fight against money laundering. John Riches TEP, Chair of STEP’s Public Policy Committee, was joined on the panel by Jérôme Deslandes, Cabinet of the Executive Vice President of the European Commission; and Piers Haben, Director… Read More STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering
Update: STEP News 1 Nov: UK revises anti-organised crime strategy to target professional ‘facilitators’ Original blog: Ben Wallace MP, UK Minister of State for Security at the Home Office, has called for more to be done to make lawyers and accountants who facilitate money laundering recognise their responsibilities. As part of a House of Commons… Read More The new gatekeepers of the financial system
STEP’s Isle of Man branch has flagged potential issues raised by the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (the Regulations) which give effect to the requirement of the EU Fourth Anti-Money Laundering Directive to have a central register of trusts, and reporting obligations on trustees.… Read More Do UK money laundering regs extend to trusts in other jurisdictions?
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