Credas

Day 8 of our is the new Register of Overseas Entities

Effective from 1 August 2022, overseas entities who own land or property in the UK are required to provide greater transparency over their ultimate ownership to crack down on money laundering. The regulations apply retrospectively from the 1st Jan, 1999, in England/Wales and 8th Dec, 2014, in Scotland. The deadline for registration is 31 January 2023.

Day 3 of our is MLR 2022

MLR 2022 which is an amendment to the 2017 regs came into force in March this year. The legislation adds clarification to a number of areas such as art market participation being descoped if they sell only their own works whether as an individual or through a company but also introduced new powers.

AML supervisors such as the FCA, SRA and HMRC now have the right to access suspicious activity reports submitted to the NCA via a new dedicated 'gateway.’
It also brought in the requirement for entities to identify, assess and take effective action to mitigate proliferation financing risks, which is financing/fund related to WMDs.

Day 2 of our is Economic Crime Act

In March, the Economic Crime Act received royal assent that brought in new powers to tackle fraud, money laundering, and the creation of a new register of overseas entities which was first tabled in 2017.

It also gave the government greater power to impose sanctions not just on individuals but by specifying certain groups.

The second Economics Crime act is currently passing through parliament which adds additional powers to reform Companies House.

It’s been a very busy year for compliance and regulatory updates in the UK so we’re going to be covering the key changes in our series of posts.

Day 1 of our is Russian Sanctions

At the start of the year, Russia invaded Ukraine. In response, the UK Government increased sanctions against key individuals and businesses associated with the current Russian regime.

To this point, 1,200 people and over 120 businesses have been added to the UK sanctions lists as a result.

Make sure you’re using the latest sanctions list to ensure you’re not working with some you shouldn't be.