BCL partner, John Binns is quoted in an article from LexisNexis titled “Law Commission calls for new advisory board on anti-money laundering”
John Binns’ quote in the article*:
‘The Law Commission has set a somewhat difficult, some would say impossible, task, to solve the problems of the consent regime without making any changes to the statute. To make it more difficult, those problems were defined from a number of different angles, including the NCA’s desire to have “higher quality” SARs, and the need from the regulated sector for a more streamlined, user-friendly reporting system.
‘In the circumstances, a renewed focus on guidance and monitoring of SARs, while certainly welcome, is perhaps no more or less than we should have expected from the exercise.’ Susannah Cogman, partner at Herbert Smith Freehills, adds: ‘The Law Commission consultation was quite narrowly scoped, and its proposed reforms were limited. The fact that this exercise will not lead to a fundamental overhaul of the reporting regime is no surprise. That said, there are some changes of detail which are welcome.’
*This article was originally published by LexisNexis on the 18th June. You can read the full article as a PDF here.
John Binns is a partner at BCL specialising in all aspects of business crime, with a particular interest in confiscation, civil recovery and money laundering under the Proceeds of Crime Act 2002 (“POCA”). His business crime experience includes representing suspects, defendants and witnesses in cases invoking allegations of bribery and corruption, fraud (including carbon credits, carousel/MTIC, land-banking, Ponzi and pyramid scheme frauds), insider trading, market abuse, price-fixing, sanctions-busting, and tax evasion. He has coordinated and undertaken corporate investigations and defended in cases brought by BEIS, the FCA, HMRC, NCA, OFT, SFO and others.