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Financial Crime

Supreme court coverage in Lloyd's Law Reports: Financial Crime

Latest Supreme Court case reported in Lloyd's Law Reports: Financial Crime

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El-Khouri v Government of The United States of America [2025] UKSC 3; [2025] Lloyd's Rep FC 87

With a commentary written by Rachel Cook, of Counsel, Peters & Peters Solicitors LLP, this case clarifies and simplifies the test for conduct and determining jurisdiction with regards to extradition. However, the Supreme Court acknowledged the simplicity of applying the test in this case, and practitioners are left with potential difficulties arising in more complex scenarios with conduct occurring across multiple jurisdictions.

LLR: Financial Crime

R v OVSIANNIKOV AND OTHERS
[2025] Lloyd's Rep FC 127
Financial sanctions – Proceeds of crime – Prosecution – Circumvention – Knowledge.
ATTORNEY GENERAL v AFEX OFFSHORE (JERSEY) LTD
[2025] Lloyd's Rep FC 151
Deferred Prosecution Agreements (Jersey) – Criminal Justice (Deferred Prosecution Agreements) (Jersey) Law 2023 – Criminal Procedure (Jersey) Law 2018 – Money Laundering (Jersey) Law 2008 – Proceeds of Crime (Jersey) Law 1999.

Money Laundering Bulletin

Back and forth - beneficial ownership registers in USA and Europe
There was a consensus that knowing who's behind a company is helpful in combating crime - it still holds in the UK and EU but the Trump administration has different ideas. Keith Nuthall contrasts governments' approaches to beneficial ownership information either side of the Atlantic.
Online Published Date:  13 Jun 2025
Appeared in issue:  325 - 01 Jul 2025
European Commission adds Monaco to list of high AML/CFT risk countries, removes UAE
The European Commission has added 10 countries to its list of high-risk jurisdictions presenting strategic deficiencies in anti-money laundering/counter financing of terrorism (AML/CFT), including Monaco, a European microstate with which the European Union (EU) has close links. The other nine new entrants to its now 27-strong list are Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela.
Online Published Date:  12 Jun 2025
Appeared in issue:  325 - 01 Jul 2025

Fraud Intelligence

AI as your co-detective
While there is a level of hype around artificial intelligence, its strategic use can provide us smarter ways to identify key information, analyse and interpret vast amounts of data. Colin Johnson and Rebecca Rossiter of AlixPartners use a recent case to outline methodology and potential pitfalls of leveraging AI in investigations.
Online Published Date:  20 May 2025
The first 72 hours of a ransomware attack
Recent cyberattacks on retailers Marks & Spencer, the Co-op and Harrods are a sobering reminder of the crippling impacts of this threat. Asim Arshad and Dominic Holden of Lawrence Stephens outline how to navigate the crucial first three days and potentially recover ransoms paid in crypto.
Online Published Date:  20 May 2025

Financial Crime Search

Compliance Monitor

Applications for Supercharged Sandbox open to firms in early AI testing
Firms will be able to receive indicators of the feasibility of products and services using AI - "early-stage" Proof of Concepts - from October, using a pathway negotiated between the FCA and the California-based AI company Nvidia.
Online Published Date:  09 Jun 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025
FCA looks to lift ban on crypto ETNs for the retail market
Retail investors will be able to invest in crypto exchange-traded notes (cETNs) if, as looks likely, a consultation has enough support to end the current ban on selling cETNs to them.
Online Published Date:  06 Jun 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025
Our survey says ... a guide to cyber resilience in the financial sector
As one of the most targeted industries, cybersecurity remains a growing risk for financial services. How can we respond to the risks posed by cyber incidents? Charlotte Witherington and Daniel Hirschfield explore the key lessons for central banks, regulators and policymakers from two cybersecurity surveys of the International Monetary Fund.
Online Published Date:  06 Jun 2025
Appeared in issue:  Vol 37 No 10 - 01 Jul 2025

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