News / New modern slavery offences sentencing guidelines published
The Sentencing Guidelines Council has today published the first sentencing guidelines for offences under the Modern Slavery Act 2015 (MSA).
News / The Fourth Industrial Revolution, cryptocurrency and money laundering - are you ready?
27-07-2021 / TMT
News / The Bribery Act: ten years on
19-07-2021 / Energy & Infrastructure
News / The Crown Prosecution Service publishes new guidance on handling illegal entry to UK via small boats and lorries
Insights / Financial Conduct Authority issues Discussion Paper on diversity and inclusion in the financial sector
On 7 July 2021, the FCA published a joint Discussion Paper (DP) with the Prudential Regulation Authority (PRA) and the Bank of England ‘Diversity and inclusion in the financial sector – working together to drive change’.
Insights / Account Freezing Orders and Account Forfeiture Orders
In a recent case before Westminster Magistrates’ Court, a District Judge has lifted an anonymity order protecting the identity of a couple, known presently as X and Y, who are challenging an application by the National Crime Agency ( NCA) for an account forfeiture order ( AFO ).
News / Ince strengthens Regulatory Solutions team with the hire of new Partner Colette Kelly
We are pleased to announce that Colette Kelly has joined as a new Partner in our Regulatory Solutions team.
News / Estate Agents & AML: Knock Knock Who’s There?
26-03-2021 / Real Estate
The Fifth Money Laundering Directive came into force in January 2020, extending the UK Money Laundering Regulations and implementation of regulatory controls to include real estate firms, real estate brokers, estate agents and rental intermediaries.
News / Ince launches first integrated technology and legal advisory know-your-customer (KYC) solution in the real estate sector
15-03-2021 / Real Estate
New digital client onboarding solution delivered in collaboration with leading technology providers eLegal, Yoti and Arachnys.
Insights / Independent AML audit - What do you want from the process?
With legislative change in the air, many more firms in Gibraltar will find themselves looking at how they can comply with the requirement to have an independent AML audit each year.
Insights / The 6th Money Laundering Directive Countdown... 2021 New Year’s resolution preparation
EU Member States are expected to have implemented the 6MLD into their national legal frameworks by the 3 December 2020.
Insights / AML and the accountancy sector – Accounting for the cost of money laundering
Money laundering is big business. The United Nations Office on Drugs and Crime estimated the amount of money laundered globally in one year is 2 - 5% of global GDP, or US$800 billion - US$2 trillion.
Insights / 6MLD - Are your ‘Directing Minds’ clear on financial crime?
As society and the business landscape evolves with new ways of working; distribution channels; products; and the pace of regulatory change, the status of compliance for companies also needs to keep in step.
Insights / Proposed Changes to Singapore Data Protection Law
Earlier this year in May, the Ministry of Communications and Information and the Personal Data Protection Commission (“Commission”) invited feedback from the public on the draft Personal Data Protection (Amendment) Bill (“Bill”).
Insights / 5MLD & Letting Agents – Knock, Knock….Who is renting the property?
Letting agents do not need to go to the lengths of the big, bad wolf of blowing the house in, to comply with the Fifth Money Laundering Directive (5MLD).
Insights / A Higher Form of Realty – Beyond the Sale and 5MLD
20-07-2020 / Real Estate
On 29 March 2018, the Treasury Committee launched an inquiry into Economic Crime including the examination of two areas where a risk of money laundering had been identified — property and company formation.
News / MONEYVAL - Are You Prepared?
In the past 12 months we have heard lots about Brexit and COVID-19, both really important issues that affect Gibraltar and its people. However, this has meant that other issues that we have been aware of, such as the MONEYVAL assessment, may have been put on a “back burner”. It is really important at these times to remember that we all have a responsibility to support Gibraltar in being compliant in protecting its reputation as a safe place to do business; particularly regarding Anti-Money Laundering & Countering the Financing of Terrorism.
Insights / AML Art Series – Timing / Ready or Not - Registration
The Art of Lateness and HMRC Registration White Rabbit from Alice in Wonderland – "Oh, my fur and whiskers! I’m late, I’m late, I’m late! Oh, dear, oh dear, oh dear! I’m here, I should be there. I’m late, I’m late, I’m late! The queen, she’ll have my head for sure!" "Court is now in session!" "Her Majesty, the Queen of Hearts, presiding!" "I'm late! I'm late! I'm dreadfully, awfully late! The queen will roast me for dinner! If I'm late for the trial, it'll be off with MY head next!"
News / Talk on Financial Crime delivered to the Royal Institute of Chartered Surveyors' Conference
On Thursday 26 March, the Regulatory Solutions team at Ince delivered a talk on financial crime virtually to the Royal Institute of Chartered Surveyors at the RICS conference.
News / Cryptoassets – Believing the money laundering impact
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.” — Bitcoin’s purported founder Satoshi Nakamoto “I believe... I believe... Even though it's silly, I believe” says Susan from a Miracle on 34th Street
News / Cyber Risk and Coronavirus: Your assets and your data may be more at risk now than ever
Cybercriminals are taking advantage of the increasing amount of time that people spend online due to the coronavirus outbreak . With the volume of business conducted online, our fear is becoming their business opportunity.
News / A Time for Courage
“This is not a time for ideology and orthodoxy, this is a time to be bold, a time for courage.” Rishi Sunak, Chancellor of The Exchequer – 17th March 2020
News / CBD and Novel Foods: ACI provides more information
More information on how the FSA Novel Food application procedure is going to work has been provided by the ACI. In particular they have provided further clarity on the application timetable and the likely cost burden on SMEs.
Insights / CBD and Novel Foods – The Devil is in the Detail
The Novel Food announcement by the FSA landed last week and created major waves in the CBD world. By then we had all been waiting on this guidance from the regulator for a long time. It wasn’t the announcement that I would have wanted, but like Brexit, whether you were for it or against it, it has happened. At this point in time, any kind of clarity is welcome. Now we await the formal protocols of the application process but there is enough information around for us to start getting into the detail.
News / Ince strengthens Regulatory Solutions team with the hire of new Partner Robert Jappie
11 February 2020, London: International legal and professional services firm Ince has today announced the appointment of Robert Jappie, as a new Partner in the Regulatory Solutions team.
Insights / Beneficial owners where art thou?
“Romeo, Romeo, wherefore art thou Romeo? As uttered by Juliet on her balcony looking out to the garden, and Romeo waits in the shadows.
Insights / The Artful Dodger
Oliver Twist: And you Dodger, you're my friend The Artful Dodger: Huh! A friend's just an enemy in disguise. You can't trust nobody.
News / Crypto and compliance - what is next?
If in Roman Catholic theology, Limbo is the border place between heaven and hell, then Bitcoin and its peers have been living in somewhat of a regulatory limbo over the last couple of years.
News / EU GDPR enforced against a Canadian data analytics company
06-02-2019 / Energy & Infrastructure
The UK data protection regulator has issued its first enforcement notice against a non-EU company. Canadian AggregateIQ Data Services Ltd (AIQ), which is alleged to have ties to Cambridge Analytica, used the personal data of Facebook users to target pro-Brexit advertisements at prospective voters online during the Brexit referendum campaign.
News / All Change for Asset Managers
From 1st April next year, Authorised Fund Managers (AFMs) will be subject to new measures as set out by the Financial conduct Authority (FCA) in its April policy statement, where it specified changes to the [FCA] handbook.
News / Digitalisation is increasing the business risk from money laundering
This article was published in Global Banking and Finance April 2018 Ince Gordon Dadds, the legal and professional services firm, is urging businesses to get smarter in how they handle money laundering or face the wrath of HMRC with some hefty financial fines. It warns that the digitalisation of cash has led to increased risks to businesses from money laundering. Whilst the majority of businesses are good at acknowledging these risks, they need to do more to mitigate the risk of money laundering.
News / Droning on: new drone regulation in the UAE
23-04-2018 / Aviation & Travel
Only a few years ago, many people had never seen or even heard of a drone. Today, in many major cities around the world, it would be an achievement to get through the week without seeing at least one. This is particularly true in Dubai. The UAE is striving to become a world leader in the use and development of drone technology: from the expectation that within the next few years taxi-drones will be operational within the city to the Drones for Good Awards launched by the office of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai to reward drone initiatives aimed at improving people’s lives.
News / China update – Shenzhen promotes anti-bribery management system through Honesty Certificates
China’s high profile campaign against corruption is now nearly four years old. During this time, the campaign introduced political and legislative reforms as well as much anticipated new legislation to assist in the crackdown on corrupt party members, officials and conglomerates. However, most of the directives were initiated in Beijing, at the Central government level, and targeted at official corruption leaving loopholes at the commercial level.
News / Anti-corruption enforcers close in on shipping and energy sectors
September 2017 proved to be a busy month for enforcement authorities, including the UK Serious Fraud Office (SFO) in its ongoing war against international bribery and corruption, serving as a reminder that those operating in the shipping and energy sectors must remain alive to the risks of being convicted of such crimes
News / SFO entitled to disclosure of corporate’s internal documents
In the recent case of The Director of the SFO v. Eurasian Natural Resources Corporate, the English court found that the Serious Fraud Office (the “SFO”) was entitled to disclosure of certain documents from a multinational corporate that was subject to an ongoing SFO criminal investigation resulting from allegations of international fraud, bribery and corruption. The documents had been generated by the corporate’s solicitors and forensic accountants during a period of internal investigation into those allegations.
News / Transparency International releases Corruption Perceptions Index 2016
Transparency International (TI), the international non-governmental organisation that monitors corruption around the world, published its latest annual Corruption Perceptions Index (CPI), for 2016, on 25 January 2017
News / Podcast: Are you protected against cyber risk?
Companies of all sizes, and in every class of business from shipping and energy to financial services, are increasingly reliant on technology – and are therefore vulnerable to a cyber attack. In this 10-minute podcast, Simon Cooper explains why all firms should take steps to protect themselves against cyber risk.
News / Podcast: Are you ready for GDPR?
Is your business ready for the General Data Protection Regulation (GDPR)? In this 10-minute podcast, Rebecca Thornley-Gibson explains why all organisations will be affected and what steps need to be taken in order to be ready for the 25 May 2018 deadline.
News / The shipping industry: adrift in a sea of cyber risk?
03-07-2017 / Maritime
On Tuesday (27 June 2017), only seven weeks after the WannaCry virus affected some of the largest governmental and corporate institutions in over 150 countries, another ransomware attack compromised and disrupted operations of some of the world’s largest firms in industries ranging from pharmaceuticals, through legal, to construction.
News / Gender Pay Gap Reporting
Most large employers will be aware of the Gender Pay Gap Reporting requirements which came into force from 6 April 2017 However, at the time of writing, only ten employers have entered their gender pay gap figures on the government website set up for this purpose
News / Finding a Home for the Fourth Money Laundering Directive
Last year the House of Commons published a report on proceeds of crime which made alarming comments in relation to money laundering The findings of the report were that the processes in place in many real estate firms is insufficientnbsp
News / Comparison of the position under the UAE Commercial Companies Law and the DIFC regime
This article compares the general principles that apply to directors' duties and liabilities in the UAE onshore with those applying in the Dubai International Financial Centre (DIFC) The comparison will be of interest to businesses that have both DIFC and onshore companies in their group structure as it gives an insight into the differences and the similarities between the two regimes
News / Ince secures client win in driving license medical appeal case
Philip Somarakis was mentioned in the Sunday TimesPhilip Somarakis was mentioned in a Sunday Timesnbsparticleconcerning one of his cases The client in question, had voluntarily given up her driving licence after she suffered a mini-stroke However, she was forced to appeal to her local Magistrates Court after the DVLA persistently refused to give her driving licence back on the grounds she was still unfit to drive
News / GDPR – What’s new?
The EU’s General Data Protection Regulation (“GDPR”) is the single most significant piece of data privacy legislation passed by the European Parliament in the last two decades. It has a significantly broader scope than the existing legislation and introduces a tiered penalty system for non-compliance, with fines as high as 4% of annual global turnover or EUR 20m whichever is the higher.
News / Tesco’s £250 Million Mistake You Need to Avoid
This week Tesco finally agreed to a £129 million fine for overstating its profits in 2014, thus avoiding prosecution. This agreement, made by Tesco Stores Ltd. Follows a two-year probe from the SFO. Not only did Tesco suffer majorly from share price hits, but is now also facing a huge fine for its errors. Alex Ktorides, Head of Ethics and Risk Management at Ince Gordon Dadds, here provides Finance Monthly with a specialist overview of the matter, and hints at potential implications for any business missing the mark when it comes to such critical internal vulnerabilities.
News / Increased sentences for using a mobile phone while driving
March 1 2017 marked a significant change in the sentencing powers available to Magistrates when dealing with people caught using their mobile phones while driving
News / Taking client data with you when you change jobs
The Information Commissioner’s Office has issued a salutary reminder of what the consequences can be of taking client contact data with you when you change jobs.
News / Rolls Royce bribery allegations settled by Deferred Prosecution Agreement
After a five year investigation by the UK's Serious Fraud Office (SFO) and other foreign authorities into allegations of significant bribery and corruption against Rolls Royce, a settlement has been reached that involves Rolls Royce paying 497 million in penalties to the UK authorities, with separate and substantial payments being made to the US and Brazilian authorities