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After Brexit, the UK is Open to Almost Unrestrained Antiquities Trade

By David Klein, OCCRP, 14 January 2021 OCCRP — Following the final implementation of Brexit, and thus the U.K.’s complete exit from the European Union, the country has last week rejected EU trade regulations designed to clamp down the illegal antiquities trade. The EU law, which… Read More

Joint Probes to Continue Post-Brexit—With More Red Tape

The last-minute trade deal between the U.K. and European Union has helped stave off a potentially turbulent disruption in key law enforcement and security priorities between the two sides. The U.K.’s departure from the EU means the country has lost access to certain law enforcement tools… Read More

European Commission Urged to Pressure UK over Money Laundering Commitments: FT

Members of the European Parliament are asking the EU’s executive arm to withhold permits granting UK financial services companies easy access to the bloc’s market pending a stronger commitment from London to do more on money laundering and tax avoidance, the Financial Times reported Tuesday. Green… Read More

31st December 2020

Brexit Deal Forces Prosecutors to Swap a Ferrari for a Citroen

Police and prosecutors will be forced to retreat to decades-old tools for cooperation despite a last-minute Brexit trade deal, raising the risk of fumbles. The pact between Britain and the European Union allows cooperation between the U.K. and member states, particularly as part of investigations into terrorism and serious crime,… Read More

25th December 2020

Companies Need to Prepare for U.K. Sanctions Regime Rollout, Lawyers Say

Companies need to be aware of likely changes to the U.K.’s sanctions regime as the end of the Brexit transition period approaches, sanctions compliance attorneys said. During the transition period, which is set to end on Dec. 31, individuals and companies in the U.K. have been required to comply with… Read More

9th October 2020

SFO boss Lisa Osofsky demands new powers to help prosecute corporate “bad guys”

The boss of the Serious Fraud Office today called for new laws making it easy to obtain convictions against companies in the wake of the Barclays Qatar case’s collapse. After a nine year investigation and two jury trials, Barclays’ executives were cleared of lying to the financial markets about fees… Read More

23rd July 2020

How London became Russians’ laundromat, no questions asked

Britain has left it too late to untangle the web of Russian influence that permeates the upper ranks of the political and business establishment, the Russia report claims. Wealthy and powerful Russians — some linked to President Putin, others who have fled his regime — are deeply entrenched in… Read More

12th March 2020

A near record year for money laundering: Banks hit with $10 billion in fines

Regulators hit banks with a near record $10 billion worth of fines in a 15 month period through 2019, and the figure is expected to increase in 2020. That’s according to a new report from Fenergo, a European startup that makes software to help financial institutions detect illegal transactions. Read More

3rd March 2020

Deutsche Bank’s latest compliance failures risk post-Brexit ‘passport’: FT

Bank of England officials have voiced concerns that Deutsche Bank is failing to improve its anti-money laundering (AML) and compliance controls and have warned the German lender that it could lose access to the UK market following Brexit, the Financial Times reported Monday. The bank’s latest compliance troubles come… Read More

5th February 2020

Banks Have a Key Weakness in Preparing for Brexit: Their Clients

Germany’s top financial regulator says banks are well prepared for Brexit, until you look at their list of clients. While many details of the U.K.’s future relationship with the European Union remain unclear, global banks have already set up units in the bloc to retain access to those markets. Read More

4th February 2020

Brexit Won’t Affect Your Sanctions Program… Much

Brexit is complete-ish and the United Kingdom has moved into the transition period of its departure from the European Union at the end of the year. Companies with UK sanctions obligations will still be required to follow EU policies through December 31st, and even then, differentiations between OFSI lists… Read More

16th December 2019

What the U.K. Election Result Means for London’s Future as a Financial Hub

The U.K. capital’s financial center cheered Boris Johnson’s emphatic election victory for alleviating the Brexit uncertainty that has hung over the British economy’s key engine for 3½ years. Banks and financial firms have been preparing for a disruptive Brexit, collectively spending billions of pounds to protect themselves, while also… Read More

7th October 2019

Brexit Throws a Wrench Into EU’s Fight Against Money Laundering

The U.K.’s withdrawal from the European Union is complicating the bloc’s fight against money laundering in the financial system, according to EU authorities. Firms relocating from Britain could overwhelm the national bodies that supervise anti-money laundering systems, the three EU financial regulators said in a joint report published Friday. Read More

Must Read

Defense Act Expands Scope of Foreign Bank Records U.S. Authorities Can Obtain

After Brexit, the UK is Open to Almost Unrestrained Antiquities Trade

Alleged RCMP mole accused of selling secrets to kingpin money launderer and terror-financier’s network

China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps