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News digest 7/3/17: AML laws not working

07 March 2017

AML laws not working - read more

The latest governance stories in the news

The Royal United Services Institute says the UK’s anti-money laundering laws are mired in confusion and are being poorly implemented by the banks. The defence and security think tank surveyed 60 compliance experts at financial institutions and found uncertainty about what AML regulation hopes to achieve.

The RUSI maintains enforcement actions and significant fines leads to ‘compliance by fear’ and are seen as punitive actions against financial institutions, without having any real impact on financial crime and its reduction.

 

Ladbrokes backs the wrong tax scheme

Ladbrokes has been landed with a £70 million tax bill after the UK Tax Tribunal found that the bookmaker and its auditor Deloitte knowingly exploited a 2008 tax loophole relating to loans between corporations and third parties to minimise Ladbrokes’ full-year tax bill.

Deloitte set up an arrangement between group subsidiaries Ladbrokes International and Travel Document Services, in which ‘an artificially manufactured fall in the value of shares in one company would be used to create a loss in the other company for tax purposes’.

 

La Liga fails to conduct dope tests

The World Anti-Doping Authority (Wada) is ‘alarmed’ that Spain’s football authorities have gone nearly a year without testing any of the players in La Liga or the Copa del Rey. Wada stated: ‘The lack of testing in a country with one of the leading football leagues worldwide for a period of almost 12 months is alarming, and will do little to instil confidence in clean sport at a time when it is needed most.’

 

Brexit environmental vacuum

The UK has been warned it faces an impending ‘vacuum’ in the enforcement of environmental law after it leaves the EU. The EU Energy and Environment Sub-Committee cast doubt on the UK’s ability post-Brexit to exercise governmental self-regulation without the guidance of EU institutions, particularly the European Commission and the Court of Justice, given the significant impact it maintains those institutions have had on the UK’s compliance in the past.

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