The news space was buzzing last week with the demise of Silicon Valley Bank, triggering a ‘slow rolling crisis’; more on the economic crime levy set to roll out from July; the release of a new advisory publication on Russian sanctions evasions; and the dismantling of a network that enabled criminals to conceal and access their illicit earnings.
Read more on these stories below:
SVB acquired by HSBC in the UK
Silicon Valley Bank (SVB) collapses after a series of ill-fated investment decisions triggered a bank run. Extraordinary rescue action from regulators and a financial shock that rocked markets ensue, followed by the announcement that the UK arm of the bank has been acquired by HSBC.
Economic Crime Levy to affect AML regulated businesses from July
Businesses falling under anti-money laundering regulations will now have to pay the economic crime levy (ECL) collected by HM Revenue and Customs (HMRC), the FCA, and the Gambling Commission. The levy will be visible on invoices from July 2023 and businesses must submit their data via a new Reg Data Report before 1 April to avoid a £250 administration fee.
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OCP busts London money laundering criminal network
Following a five-year investigation, the Organised Crime Partnership (OCP), a joint National Crime Agency and Metropolitan Police Service unit, dismantles a London-based criminal network that laundered £70M. Ten members of the group have been sentenced.
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Multilateral REPO task force issues advisory to combat Russian sanctions evasion
The Multilateral REPO Task Force issues an advisory on Russian sanctions evasion, aimed at mitigating the risk of exposure to continued evasion tactics by some sanctioned Russian elites and their financial networks. The advisory identifies typologies of sanctions evasion tactics, including the use of family members and close associates, real estate, complex ownership structures, enablers, and third-party jurisdictions.
Read more here
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Photo by Mahdi Bafande on Unsplash
