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ICO publishes blog on maintaining data flows
on January 25, 2021 at 12:00 am
The Information Commissioner’s Office (ICO) has published a blog on maintaining data flows for a digital world. The Information Commissioner, Elizabeth Denham, looks at the data protection aspects of the UK-Trade and Cooperation Agreement (TCA) which contained both short term provisions, enabling the flow of data from the EU to the UK, and long-term commitments, for example, maintaining high standards of data protection. The TCA also contains ‘an important safety net, allowing transfers of data from the EU to UK to continue without restriction for four months whilst the EU considers the UK’s application for adequacy.’ The blog says that this bridge contained within the TCA, allows for a legally robust mechanism that gives UK organisations the confidence to continue trade in the coming months.
FATF publishes consolidated assessment ratings
on January 22, 2021 at 12:00 am
The Financial Action Task force (FATF) has published its consolidated assessment ratings. Together with FATF-Style Regional Bodies (FSRBs), the FATF encompasses a global network involving 205 jurisdictions ‘that have each committed at the highest political level, to implementing the FATF Recommendations’. FATF and FSRB have conducted peer reviews, which assess how effective their members’ Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) measures are in practice and whether they have sufficiently implemented the technical requirements of the FATF Recommendations. The consolidated assessment ratings provide an overview of the ‘ratings that assessed countries obtained for effectiveness and technical compliance’, which was last updated on 21 January 2021. They are recommended to be read in conjunction with the mutual evaluation reports.
Risk & Compliance weekly highlights—21 January 2021
on January 21, 2021 at 12:00 am
This week’s edition of Risk & Compliance weekly highlights includes the latest Risk & Compliance forecast, updated AML guidance, and news from the world of data protection.
LSAG publishes updated anti-money laundering guidance for legal sector
on January 20, 2021 at 12:00 am
The Legal Sector Affinity Group (LSAG) has published updated anti-money laundering (AML) guidance for the legal sector. It follows implementation of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (5MLD), which made changes to the Anti-Money Laundering (AML) Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692. The updated guidance includes a new section on technology (addressing the need for firms to understand the technology they have in order to use it effectively) and aims to support legal professionals in complying with MLR 2017 (as amended) and replaces previous versions of the guidance as well as the Law Society’s practice note on AML. The guidance is currently in draft form, pending approval from HM Treasury.
A dose of reality? Requiring employees to be vaccinated
on January 20, 2021 at 12:00 am
Employment analysis: Despite the rollout of coronavirus vaccines across the UK, there is currently no legal basis on which the government can make vaccinations mandatory. There are, however, obvious benefits to an employer in having its workforce vaccinated. Michael Leftley, Erin Shoesmith, David Young, Sungjin Park and Dr Nathalie Moreno of Addleshaw Goddard examine the various issues that arise for employers that want to ensure their employees get vaccinated.