As of 1 September 2025, the UK’s new Failure to Prevent Fraud offence is officially in force. Introduced under the Economic Crime and Corporate Transparency Act 2023, this landmark legislation creates a corporate criminal offence that holds large organisations liable… Read More »Failure to Prevent Fraud Offence Comes into Effect on 1 September 2025
On 6 August 2025, HM Treasury published its long-awaited response to the 2024 consultation on the Money Laundering Regulations (MLRs). The proposed amendments aim to streamline AML compliance, reduce unnecessary regulatory burdens, and enhance the overall effectiveness of the UK’s… Read More »MLRs Consultation Response – 6 August 2025
On 17 July 2025, the UK Home Office and HM Treasury published the latest National Risk Assessment (NRA) on Money Laundering and Terrorist Financing [1] [2]. This comprehensive report outlines the evolving threats to the UK’s financial system and highlights… Read More »UK National Risk Assessment – 17 July 2025
On 17 July 2025, the Office of Financial Sanctions Implementation (OFSI) launched a suite of new online forms designed to streamline the process of licence applications, sanctions breach reporting, and other key compliance activities [1]. This marks a significant step… Read More »OFSI Launches Online Forms
On 10 July 2025, the UK government made a significant change to the Proceeds of Crime Act 2002 (POCA) by increasing the threshold for two key exemptions from £1,000 to £3,000. The change, enacted through the Proceeds of Crime (Money… Read More »POCA Thresholds Increased
On 13 June 2025, the Financial Action Task Force (FATF) released its latest update on jurisdictions under increased monitoring (commonly referred to as the grey list) and those subject to a call for action (the black list) [1] [2]. These… Read More »Understanding the FATF Grey and Black Lists – 13 June 2025 Update
On 4 June 2025, the Solicitors Regulation Authority (SRA) issued Update 140, highlighting the findings of the Office of Financial Sanctions Implementation (OFSI) in its first-ever Legal Services Threat Assessment [1]. The report outlines the key sanctions compliance risks facing… Read More »Sanctions Compliance Risks: What SRA Update 140 Means for Law Firms
In May 2025, the Solicitors Regulation Authority (SRA) announced significant reforms to its fining regime, marking a new chapter in how financial penalties are applied across the legal profession. These changes follow the enactment of the Economic Crime and Corporate… Read More »SRA Fining Regime Reforms – 12 May 2025
On 8 May 2025, the Solicitors Regulation Authority (SRA) published its 2025/26 Business Plan, setting out its strategic priorities for the final year of its current Corporate Strategy (2023–2026). Against a backdrop of rising regulatory risks, increasing misconduct investigations, and… Read More »SRA’s 2025/26 Business Plan – Strengthening AML and Ethical Standards – 8 May 2025
In a landmark move that could reshape the legal landscape, the Solicitors Regulation Authority (SRA) approved the UK’s first AI-only law firm, Garfield.Law Ltd, in May 2025 [1]. This decision marks a pivotal moment in the evolution of legal services,… Read More »SRA Approves First AI-Only Law Firm – 6 May 2025