Financial Action Task Force
FATF Plenary meeting - FATF publishes outcomes - 17 June 2022
The Financial Action Task Force (FATF) has published the outcomes of its plenary meeting, which took place on 14-17 June 2022. Among other things, delegates:
- approved a report that will help the real estate sector better detect and prevent money laundering;
- approved a white paper for public consultation on potential revisions to FATF Recommendation 25 on transparency and beneficial ownership of legal arrangements, with a deadline for comments of 1 August 2022;
- agreed to start new work that includes a project on countering the laundering of proceeds from ransomware attacks and an update to the FATF best practices paper on combating the abuse of non-profit organisations; and
- finalised a report that shares good practices and recommendations for combating money laundering and terrorist financing by sharing information while adhering to data protection and privacy legislation.
Outcomes FATF Plenary, 14-17 June 2022
Financial Conduct Authority
Market abuse and market manipulation - FCA publishes update on work - 17 June 2022
The FCA has published a press release which provides an update on its work on market abuse and market manipulation, following recent press reports about the FCA’s approach. Observing that “the aggregate picture is one of increasing intensity, scrutiny and sophisticated action”, the FCA sets out how it tackles market abuse and manipulation, including through:
- daily monitoring to ensure the timeliness and accuracy of the disclosure of inside information, which is complemented by Suspicious Transaction and Order Reports (STORs);
- criminal prosecution and civil enforcement powers; and
- working with international partners to bring the FCA’s data and intelligence to bear in cases of suspected serial market abusers whose activities cross national boundaries.
The FCA notes that it is determined to tackle market abuse and insider dealing wherever there is evidence of it, whether through the courts or its own powers.
FCA’s work on market abuse and manipulation - update 17 June 2022
National Crime Agency
Suspicious activity report - NCA publishes updated guidance - 17 June 2022
The UK Financial Intelligence Unit (UKFIU) of the National Crime Agency (NCA) has published updated guidance on suspicious activity report (SAR) glossary codes and reporting routes, which aims to improve the quality of SARs. In the guidance, it is observed that the use of glossary codes in SARs is considered good practice and enables the UKFIU, the NCA and other law enforcement bodies to conduct analysis to identify money laundering trends, high risk cases for development and take immediate action where necessary.
The revised guidance includes a new glossary code for SARs where the activity value of the suspected money laundering falls below £3,000 and where the person making the report is unaware of any law enforcement interest at the time of reporting.
Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes
