BLL in the news — March 2021

An overview of our press this month

The FCA has launched its first criminal prosecution of money laundering breaches. The defendant is NatWest, a major UK bank. Lead Counsel Jonathan Fisher QC commented on how the case marks a major shift in the enforcement approach and his views on the case were sought by The Guardian, The Financial Times (paywall), The Times (paywall) and specialist publication Money Laundering Bulletin on 16 March 2021.

Anita Clifford was published in the FT Adviser on 1 March commenting on the areas that attract money laundering beyond real estate. Anita highlighted the exposure to money laundering in the private school, art and luxury goods sectors and examined why risk mitigation in these areas requires improvement.

Anita Clifford’s views on whether the UK’s Unexplained Wealth Order framework was driving wealth out of the UK were sought by Family Capital on 1 March. Anita commented that although the UK’s legal framework to tackle illicit wealth had improved in recent years it had not had a chilling effect.

Rachel Clark published a timely piece on the EU tax haven blacklist in the International Adviser on 3 March. Rachel explored the reforms to the blacklist and foreshadowed the implications for investors.