Certain funds meaning

At Southwark Crown Court, Judge Sally-Ann Hales KC jailed 42-year-old Jian Wen for six years and ten months for washing money linked to an alleged scam targeting Chinese investors, remarking indeed the ex-restaurant employee 'knew what [she was] dealing with'. Hales J explained the jury needed only to be satisfied Wen suspected she was handling criminal proceeds to convict with a guilty verdict by the jury. However, she herself was absolutely certain Wen understood how the funds were produced and came about. 'They had only to be sure that you suspected this to be the case', Hales J told Wen as she passed sentence. 'I am in no doubt that you knew this was what you were dealing with.' Hales J said there was 'no degree of exploitation' in Wen's participation in the laundering scheme in this case, although she accepted Wen had been acting on directions from the alleged fraudster. Wen was sentenced for a single count of money laundering...

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In this issue: Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Prudential requirements COREPER asked to endorse agreement on CCP concentration risk treatment After the European Parliament adopted, in April 2024, a proposal for a directive of the Parliament and the Council to amend Directive 2009/65/EC (UCITS), Directive 2013/36/EU (CRD IV) and the Investment Firms Directive (EU) 2019/2034 (IFD), the Council of the EU’s General Secretariat released an ‘I/A’ Item Note inviting the Council’s Permanent Representatives Committee (COREPER) to confirm its agreement...

This Practice Note has been archived and is no longer maintained. Finance Act 2025 (FA 2025) brings in legislation to abolish the remittance basis of taxation and to replace it with a residence-based regime from 6 April 2025. Adjustments have also been made to overseas workday relief, so that an employee’s entitlement depends on their residence for the relevant tax year and, subject to certain transitional provisions, whether they are eligible for the four-year foreign income and gains regime for that year. For details on these updates, see the following Practice Notes: The abolition of the remittance basis of taxation from 2025–26 Foreign income and gains regime from 6 April 2025 Overseas Workday Relief from 6 April 2025 For the OWR rules that applied before 6 April 2025, see Practice Note: The statutory residence test—overseas workday relief before 6 April 2025 [Archived]. Facts Petra is a German national and is domiciled in Germany for UK tax purposes....

ARCHIVED: This Practice Note has been archived and is no longer updated. It can still assist practitioners seeking to align the provisions of MLD4 with the MLRs. For comprehensive practical guidance on the UK AML/CTF framework relevant to financial services, see the Anti-money laundering and counter-terrorist financing (AML/CTF)—overview; for the EU framework, see the Financial crime and sanctions (EU Law)—overview. Adoption of MLD5 and implementation in the UK The Fifth Money Laundering Directive (EU) 2018/843 (MLD5) was published in the Official Journal of the EU on 19 June 2018 and came into force on 9 July 2018. Member States were required to transpose it into national law by 10 January 2020. MLD5 updates the Fourth Money Laundering Directive (EU) 2015/849 (MLD4). In the UK, MLD4 was implemented by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (the MLRs), which took effect on 26 June 2017. This Practice Note outlines MLD5 and how it was carried into UK law by...

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 brought in a duty for certain organisations to create an independent audit function to test their compliance with the MLR 2017. This Practice Note sets out how to establish that independent audit function. It outlines core responsibilities and recommended practices for the independent audit function, and clarifies how independent audit differs from your money laundering, terrorist financing and proliferation financing risk assessment. Reflecting the amended requirements of the MLR 2017, this guidance is generally applicable. You should verify whether the MLR 2017 contain any additional or varied obligations for your sector and whether your regulatory body has extra, sector‑specific requirements relating to independent audit. For law firms regulated by the SRA, see Practice Note: —law firms, which reflects guidance issued by the SRA and the Legal Sector Affinity Group. The requirement to establish an independent audit function Under the MLR 2017, you are required to implement an independent audit...

1 Introduction This financial sanctions policy outlines the procedures we have put in place to meet financial sanctions obligations under the UK sanctions regime that apply to our business across each jurisdiction in which we operate. 2 What are financial sanctions? Financial sanctions are temporary international restrictions intended to: encourage a shift in the behaviour of a specific country or regime; apply pressure on certain countries or regimes to achieve stated objectives; prevent and suppress the financing of terrorism. Financial sanctions are also used as an enforcement measure of last resort when international peace and security have been threatened. They limit dealings in money and the provision of financial services, and can include prohibiting transfers of funds to or from certain countries, individuals, or entities. They are designed to create an adverse effect on persons (individuals or corporate entities) that are designated or, for some sanctions, connected with a prescribed country, in several different ways...