Join us for this market briefing as we discuss the implications of the judgment in the ‘World Uyghur Congress’ case from June 2024, which casts a long shadow over global supply chains and the potential contamination with criminal property.
The extent of the Court of Appeal’s ruling serves as a stark reminder of the importance of effective supply chain risk management. Goods from jurisdictions with higher exposure to criminal activity, such as forced labor and other human rights abuses, as well as products that merely pass through these areas, carry greater risks. Understanding this new risk approach is crucial for insurers of entities within global supply chains, as they may need to reassess their strategies.
This briefing will address the legal and regulatory risks stemming from the new methodology for identifying proceeds of crime following this significant judgment.
Learning Objectives
At the end of this session, delegates will be able to:
- Describe how the ‘Uyghur Congress’ case connects UK concepts of modern slavery to proceeds of crime.
- Explain the insurance regulatory expectations for providing insurance services concerning potential proceeds of crime.
- Summarise where legal and regulatory issues related to proceeds of crime may arise from cover proposals and claims involving insureds or subjects associated with court-recognised high-risk jurisdictions.
- Outline a risk-based approach to conducting insurance services in jurisdictions that may be high-risk for proceeds of crime, even if they are not yet recognised by the court.
About the presenters
Jeremy Irving, Partner, Partner, Head of Financial Services Regulation
Jeremy.irving@brownejacobson.com
+44 (0)207 337 1010
Jeremy has worked extensively on governance issues on insurance markets , and these issues’ link to the FCA’s recent consumer duty and operational resilience initiatives, and to ‘ESG’ board effectiveness more broadly. He led on the regulatory aspects of the ‘Transforming EDI Practices in UK insurance’ study by Browne Jacobson and the University of Nottingham.
Jeremy also has a wide expertise in regulatory supervision, notifications, whistleblowing, investigations and enforcement on conduct and prudential matters.
Raymond Silverstein, Partner, Head of Employment, London
Raymond.silverstein@brownejacobson.com
+44 (0)207 337 1021
Raymond heads the firm’s Employment and Business Immigration team in London and leads on advising clients on modern slavery statements.
He has over 20 years’ experience advising employers, including on the financial services and insurance industries, on every type of employment issues from recruitment to dismissal.
Raymond led on the Employment Law aspects of the ‘Transforming EDI Practices in UK insurance’ study by Browne Jacobson and the University of Nottingham
Helen Simm, Partner, Partner, Financial Services Regulation and Financial Crime
Helen.simm@brownejacobson.com
+44 (0)330 045 2652
Helen is a partner in Browne Jacobson’s regulatory team, specialising in financial services regulation and financial crime. She represents corporates and individuals at all stages of regulatory investigation and enforcement.
Alongside advising on compliance and risk, Helen advises on regulatory requirements around financial crime. Her work includes reviewing and drafting policy documents, conducting internal investigations after whistleblowing reports and delivering training.
