- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-26T19:07:00
The United Kingdom adopted a bill aimed at stemming the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
The Economic Crime and Corporate Transparency Act received royal assent Thursday. The bill, introduced in September 2022, provides the United Kingdom with “world-leading powers” to allow its authorities to “target organized criminals and others seeking to abuse the U.K.’s open economy,” the government said in a news release.
Among the bill’s provisions, Companies House, the U.K. agency that maintains the country’s corporate registers, will receive enhanced abilities to verify the identities of company directors and remove fraudulently registered organizations.
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Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
The Department of Justice has added antitrust compliance guidance in an update to its Evaluation of Corporate Compliance Programs.
Change is likely coming to the Securities and Exchange Commission’s enforcement priorities with the pending handover of the White House to Republican President-elect Donald Trump. Adjust your compliance priorities accordingly.
