Regulatory Outlook

Bribery, fraud and anti-money laundering | UK Regulatory Outlook November 2022

Published on 30th Nov 2022

Payments regulator pushes forward with UK consumer protection against fraud | Lords Committee report calls for new criminal offence of 'failure to prevent fraud' | HM Treasury issues Money Laundering Advisory Notice for high-risk third countries

Payments regulator pushes forward with UK consumer protection against fraud

As mentioned in last month's update, the Payments Systems Regulator (PSR) is consulting on how to exercise its new mandate to protect customers from fraud. Please see our Insight for more details.

Lords Committee report calls for new criminal offence of 'failure to prevent fraud'

On 12 November 2022, the House of Lords Fraud Act 2006 and Digital Fraud Committee published its report "Fighting Fraud: Breaking the Chain". 

The report notes that given fraud makes up 41% of all crimes committed in the UK, businesses should be doing more to "stop fraud from being facilitated by their services". Thus, the committee is calling for the introduction of a new corporate criminal offence of "failure to prevent fraud", which would be accompanied by "significant financial penalties", with the aim of holding organisations across all sectors to account. 

HM Treasury issues Money Laundering Advisory Notice for high-risk third countries

On 14 November 2022, His Majesty's Treasury issued an Advisory Notice on money laundering and terrorist financing controls for high-risk third countries. 

The updated notice contains advice about the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls, and sets out which jurisdictions are due to be included in the upcoming Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.3) Regulations 2022 list of high-risk third countries (substituting the list in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).

A reminder that enhanced due diligence must be applied in all transactions or business relationships with a person established in a high-risk third country. 

New rules and guidance introduced to combat fraud

Please see Telecoms

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