Risk management guides

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These risk management guides focus on key risk areas of compliance risk. Each one identifies five key priorities for risk management in that particular area of compliance, explains why each one is a priority and includes a series of mini-checklists that:

  1. •

    suggest action points for each priority area, and

  2. •

    encourage

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Latest Risk & Compliance News

New Risk & Compliance forecast as at 20 November 2024

Our new Risk & Compliance forecast (as at 20 November 2024) is now live. This month we report on items including: (1) publication of the long-awaited government guidance on the failure to prevent fraud offence; (2) consultation by the Financial Action Task Force (FATF) on proposed changes to FATF Standards and updates to grey listing criteria by FATF to increase focus on risk; (3) updates on the Data (Use and Access) Bill and Employment Rights Bill, and (4) three new consultations from the Solicitors Regulation Authority (SRA) on client money management and consumer protection.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

Risk & Compliance weekly highlights—21 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the latest financial sanctions updates, an updated list of businesses not compliant with money laundering regulations from HM Revenue & Customs (HMRC), initiation of a consultation for legal regulators to combat economic crime by the Legal Services Board (LSB) and final versions of a suite of new guidance to support in-house solicitors from the SRA.

FCDO implements new sanctions against international kleptocrats

The Foreign, Commonwealth & Development Office (FCDO) has announced a significant expansion of the UK's anti-corruption efforts through the imposition of sanctions on three high-profile kleptocrats and their associates. These measures, implemented under the Global Anti-Corruption Sanctions Regulations 2021 (SI 2021/488), include asset freezes and travel bans targeting individuals accused of embezzling substantial sums from Ukraine, Angola, and Latvia. The sanctions mark the commencement of a new campaign by the Foreign Secretary to combat corruption and illicit finance, with cross-governmental cooperation to protect UK interests and support global economic integrity. The initiative is bolstered by ongoing collaboration with the National Crime Agency's International Anti-Corruption Coordination Centre (IACCC) and International Corruption Unit (ICU), demonstrating a comprehensive approach to tackling financial crime and sanctions evasion.

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