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The Economic Crime and Corporate Transparency Bill was announced to Parliament for the first time on 22 September 2022, further signalling the UK’s attack on economic crime and its attempt at improving transparency over corporate entities. Here, we focus on the proposal that will allow the Serious Fraud Office to compel suspected criminals and institutions to disclose information linked to a suspected crime at the pre-investigative stage of a case.
As the first vessel laden with corn departs Odesa port following Russia and Ukraine’s agreement on a ‘safe corridor’ for the shipment of grain stockpiles, we consider the associated challenges for the marine industry and its insurers.
Encouraging statistics released by the International Maritime Bureau in its half-year report of 2022 suggests a reduction in the number of reported cases of piracy in one of the world’s most notorious locations for kidnaping and piracy – the Gulf of Guinea.
Today we announced the launch of our in-depth report, 'Rewriting the risk: Addressing the challenges of climate change', which finds that the underwriting practices of (re)insurers are a major catalyst for change among businesses in the ongoing climate crisis.
Our latest global report finds that the insurance industry has a central role in building wider understanding about climate-related risks and in mitigating against those risks.
The Latin America region has been particularly affected by social instability in recent times. As a result of this volatile landscape, insurers have found themselves dealing with an increase in claims relating to cargo damaged as a result of strikes. In this article, we look at the associated risks of translating strike clauses, and how ambiguities and disputes can often arise as a result.
As Russia’s invasion of Ukraine progresses, global leaders have responded by imposing increasingly severe sanctions against Russia, Russian companies and Russian individuals. Here, we consider the impact of the current sanctions from various jurisdictions around the world, with a focus on those areas which might impact the global shipping and trade industry.
The State Opening of Parliament will take place on 10 May 2022, with the Queen’s Speech setting out the Government’s agenda and economic plans for the next session. We take a look at what new laws could be announced and what measures from last year’s Queen’s Speech are confirmed as being carried over.
After years of discussion about ways to thwart the flow of so called dirty money, UK Parliament has fast tracked, in what has been reported to be at unprecedented speed, the journey of The Economic Crime (Transparency and Enforcement) Act 2022 (ECA) in response to the recent armed conflict in Ukraine.
In this report, Kennedys experts explore key legal and regulatory developments, and provide an overview of the business critical topics which marine and aviation insurers should consider as they plan for operational resilience in 2022.