Our insights and thought leadership reports on the major trends that organisations confront, providing analysis and advice to our readers.
Businesses need to be aware of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR 2017”), which came into force on 26 June 2017.
The Criminal Finances Act 2017 (CFA) came into force on 30 September 2017. It introduces further changes to the UK financial crime regime that may necessitate a review of businesses’ existing compliance programmes and financial crime controls. Proper and comprehensive risk assessments will be key.
Social media searches often highlight potential issues and suitability risks not evident from a candidate’s CV.
Despite strong debate over the regulation of digital currency, Bitcoin users and governments agree consumer protection is important. In the UK, the FCA is yet to produce a full regulatory framework for Bitcoin, but profits and losses are taxable.
Whilst anti-fraud controls and audit measures can help prevent the occurrence of fraud, the unfortunate truth is that companies are still vulnerable to the threat of internal fraud or perpetrated by employees within the company.
The UK Government considers that procedures put in place by commercial organisations wishing to prevent bribery being committed on their behalf should be informed by six principles. These principles are not prescriptive. They are intended to be flexible and outcome focused, allowing for the huge variety of circumstances that commercial organisations find themselves in.
Contrary to general perception, conducting due diligence investigations in the UAE is allowed. The UAE has no legislation that prohibits companies performing background checks, executive screening or due diligence into individuals or companies as long as you adhere to the UAE’s Federal law and the local laws that govern privacy. However, there can be serious consequences to those who don’t comply – often involving prosecution.
The Nominated Advisor’s (Nomad) judgment regarding the appropriateness of a company for the UK’s Alternative Investment Market has a crucial role to play in maintaining the quality of the market. Accordingly, the quality of due diligence on directors and the substantive judgements applied by a Nomad in assessing such information is vital.
The analysis covers guidance on implementing an effective compliance programme as defined by the “Resource Guide to the Foreign Corrupt Practices Act” (FCPA) recently released by the US Department of Justice and Securities and Exchange Commission.