
UK: AML compliance failures are rife in the UK
An analysis of more than 1,600 ‘anti-money laundering (AML) events’ recorded across the UK in the last decade shows money laundering is the most prevalent issue (27.5%), a new report has revealed.
Britain said on Tuesday it would grant long-term market access for EU based investment and money market funds used by UK investors, and without new costly requirements such as mandatory valuation assessments.
Funds listed in Dublin and Luxembourg are widely used by UK investors, but asset managers worried that obtaining long-term post-Brexit access to Britain cold come with burdensome new requirements, such as having to re-assess the value of assets in their funds.
Britain’s financial services minister Dim Afolami said that following a fetailed assessment, the government has found that EU funds and ‘equivalent’, meaning they operate under home rules that are robust enough to protect UK investors.
“The government does not intend to require the funds assessed to comply with any additional UK requirements as part of this equivalence determination,” Afolami said in a statement.
Secondary legislation would be needed to implement the equivalence decision, he said.
It replaces a system of temporary access permission which was due to expire at the end of 2025, which was due to expire at the end of 2025, but will now be extended by a year to allow enough time to implement the legislation, Afolami said.
An analysis of more than 1,600 ‘anti-money laundering (AML) events’ recorded across the UK in the last decade shows money laundering is the most prevalent issue (27.5%), a new report has revealed.
The city is competing against Singapore, Dubai and other hubs to be a location for ultra-high net worth families and family offices. More than 130 family offices plan to set up or widen operations in
European Union finance ministers are set to ditch a plan to introduce an EU-wide digital tax next week but agree to work on a global reform of the taxation of internet companies, an EU document shows.
On 27 January 2025, the law deriving from draft Bill No. 7961 (“Law“) introducing significant changes to the laws governing the Register of Beneficial Owners (Registre des Bénéficiaires Effectifs