UNODC warns of the rise in organised crime and calls for coordinated action to combat the threat; calls for action against criminal exploitation of the art, antiquities and cultural objects market; new guidance on submitting better Suspicious Activity Reports (SARs) from the National Crime Agency; and the UK government’s expansion of the scope of ‘failure to prevent’ offences.
Read more on these stories below:
UNODC warns of organised crime surge during crises
The United Nations Office on Drugs and Crime (UNODC) has issued a stark warning that organised crime has flourished during the COVID-19 pandemic and other global crises. The first Interregional Event on building resilience to organised crime brought together experts from over 20 countries to formulate recommendations for priority interventions.
Read more here
FATF report highlights risks of criminal activity in the art and antiquities market
The art, antiquities and cultural objects market has become a target for criminals, organised crime groups and terrorists, who use it to launder their ill-gotten gains and fund their activities, warns a new report by the Financial Action Task Force (FATF).
Read more here
NCA publishes guidance on Suspicious Activity Reports
In line with the National Crime Agency’s commitment to share perspectives on the Suspicious Activity Reporting regime, newly published guidance on SARs aims to provide report makers with guidance on best practice, and allow for the prioritisation of Defence Against Money Laundering(DAML) investigations in a timely manner.
Read more here.
UK government to expand "failure to prevent" offences
The UK government is expanding "failure to prevent" offences to include more financial crimes such as fraud, false accounting, and money laundering, aligning them with existing offences for bribery and tax evasion. While the new offences will require more robust risk assessments, controls, and policies, the proliferation of offences could make it more challenging for prosecutors to secure convictions.
Improve your compliance processes with an award-winning solution
Get in touch to see how our intelligent platform can help your organisation transform its compliance; or request a demo to see it in action.
Photo by Shubham Dhage on Unsplash
