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UK Law Firm Compliance Horizon Scan – 20 November 2024: FATF reforms, SRA accountants' report spot-checks, ECCTA 'failure to prevent fraud' guidance, sanctions reporting, client money and transparency consultations

Published on: 21 November 2024

Published by a LexisNexis Practice Compliance expert
Legal News
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Article summary

As at 20 November 2024, our Practice Compliance forecast monitors proposed regulatory shifts relevant to law firm compliance, enabling you to prepare for developments pertinent to your organisation. Please review it thoroughly; nevertheless, we flag a few points that should be on your radar below.

New items we’re tracking this month

  • FATF consultation on amendments to the FATF Standards — The Financial Action Task Force (FATF) is considering updates to its Recommendations to better align with measures that promote financial inclusion. This forms part of FATF’s programme to address the unintended consequences of AML/CTF measures. The consultation closes on 6 December 2024. See: AML, CTF and counter-proliferation financing.
  • FATF updates grey listing criteria to sharpen risk focus — The FATF has revised its criteria for listing countries, aiming to relieve pressure on the least developed nations and concentrate on those posing higher risks to the global financial system. See: AML, CTF and counter-proliferation financing.
  • Treasury Committee calls for evidence on acceptance of physical cash in the UK — The Treasury Committee is undertaking an inquiry into whether there is a need in the UK to regulate or mandate the acceptance of physical cash...

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