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SRA to make hundreds of demands for info on economic crime

SRA demands for economic crime information predicted to be heavy; Operation Mekong Dragon endorsed by TRAFFIC; and new high value and luxury goods dealer guidance published.

Napier AI
April 21, 2023

Impact assessment suggests SRA will use new oversight and enforcement powers hundreds of times annually; TRAFFIC lends its support to China and Vietnam Customs’ information sharing event to combat illegal wildlife and drug trafficking in Asia Pacific; and the UK Government publishes new guidance for high-value and luxury goods dealers.  

Read more on these stories below:

SRA to demand information on economic crime hundreds of times annually

The Solicitors Regulation Authority (SRA) will use its proposed new power to demand information from solicitors about economic crime approximately 750 times a year, according to an impact assessment published by the Ministry of Justice. The power has been added to the Economic Crime and Corporate Transparency Bill currently going through Parliament and aims to address gaps in the SRA's ability to obtain information from law firms and sole practitioners not covered by the Money Laundering Regulations.

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Operation Mekong Dragon: TRAFFIC lends support to information sharing initiative

In a major effort to combat illegal wildlife and drug trafficking in the Asia-Pacific region, TRAFFIC lends its support to the successful Operation Mekong Dragon (OMD) during a recent information sharing event hosted by Chinese Customs in Shanghai. OMD, which was initiated by China and Vietnam Customs, has been recognised as the most effective operation of its kind in the region.

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UK Government publishes new high value dealer guidance

The HM Treasury Office of Financial Sanctions Implementation publishes new guidance on financial sanctions implementation for high value dealers, luxury goods markets and art market participants.  

Read more here

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Photo by Tingey Injury Law Firm on Unsplash

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