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United Kingdom
This section covers AML/CTF initiatives by FCA, HMT, HMRC, JMLSG and other related UK organisations.
FCA Financial Crime: Guide for firms
HM Treasury Money Laundering Prevention
HMRC Money Laundering Regulations
JMLSG industry Guidance
FATCA UK Regulations 2013
FATCA UK Regulations Guidance 2013
Gambling Commission Money Laundering
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UK Gambling Commission urges operators to submit quarterly regulatory returns promptly via its e-portal, warning that delays could trigger tougher enforcement action
The Commission emphasizes that operators must adhere to their reporting obligations, ensuring that returns are submitted on time via the designated online portal. The warning comes after a significant update to the Licence Condition 15.3.1 in July 2024, which now mandates that all licensees submit regulatory returns on a quarterly basis instead of the previous annual schedule. The next set of quarterly returns is due by April 28, 2025…
UK SFO charges United Insurance Brokers for failing to prevent and detect a $3.2m bribe to Ecuadorian officials, setting precedent for landmark ‘Failure to Prevent’ bribery trial
The case involves UIBL’s role in facilitating bribes paid to Ecuadorian state officials between October 2013 and March 2016. The bribes were allegedly paid by UIBL’s US-based intermediaries in exchange for securing re-insurance contracts worth approximately US $38 million for Ecuadorian state-owned enterprises, including water and electricity companies…
FCA unveils a bold strategy to combat financial crime, targeting dirty money, fraud, market abuse, and crypto risks with tougher enforcement, strong US partnerships, and a focus on accountability
Its new 5-year strategy aims to tackle financial crime with speed and transparency, cutting investigation times from 42 to 16 months. Key focus areas include enhancing anti-money laundering systems, addressing fraud, and maintaining market integrity, particularly in combating insider trading and organized crime…
UK Gambling Commission charges 15 individuals with offences, following an investigation into alleged cheating linked to bets on the timing of the 2024 General Election
The investigation which began in June 2024, uncovered that several individuals allegedly had access to confidential information about the election date ahead of its public announcement. These individuals are accused of using this advance knowledge to place unfair bets, thus breaching Section 42 of the Gambling Act, which makes such actions a criminal offence…
UK Govt pledges £121m to boost quantum technology, reinforcing its research leadership while addressing key issues like crime, fraud, and ML, to drive economic growth
This initiative is also a part of the UK’s broader strategy to stimulate economic growth through technological innovation. By investing in quantum research and supporting its practical applications in sectors like finance, healthcare, and cybersecurity, the government hopes to not only strengthen its AML frameworks but also foster job creation, boost competitiveness, and secure the UK’s position as a global leader in advanced technology…
NCA issues its first INTERPOL Silver Notice to track and seize assets from Anopkumar Maudhoo, the orchestrator of an £8.5m property fraud scheme involving ML and fake identities
This landmark use of a Silver Notice signals a growing global push to choke off illicit financial flows, and financial crime units should prepare for expanded use of asset tracing tools beyond traditional red notices…
NCA secures a landmark victory with its first UK sanctions breach convictions, as former Russian official and his relative are found guilty of evading sanctions and ML
The convictions are a direct result of efforts to enforce the UK’s robust sanctions regime, which was introduced to exert economic pressure on Russia following its invasion of Ukraine. In this case, Dmitrii Ovsiannikov, the former Governor of Sevastopol, a city illegally annexed by Russia, was found guilty of circumventing UK sanctions. His family members, particularly his brother, also played a role in facilitating the breach, further solidifying the NCA’s…
Companies House launches voluntary identity verification to enhance data reliability, protect the register from misuse, and bolster the UK’s defences against fraud and economic crime
By verifying the identities of individuals setting up, running, or controlling companies, the government aims to increase transparency, reduce money laundering, and prevent fraud. This measure is part of the Economic Crime and Corporate Transparency Act 2023, which grants Companies House enhanced powers to ensure the integrity of the UK’s business register. The service helps prevent criminals from using false identities to set up shell…
CoLP reports £649m lost to investment fraud in 2024, with 66% tied to cryptocurrency scams, as fraudsters increasingly exploit social media and impersonate trusted figures
Criminals exploited social media platforms and fake celebrity endorsements to run increasingly sophisticated cryptocurrency scams across the UK in 2024, with the CoLP reporting that younger victims were disproportionately affected as total losses from investment fraud surpassed £649m…
UK announces new sanctions on corrupt actors undermining democratic institutions, reinforcing its ongoing campaign against global corruption and illicit finance
UK sanctions pro-Kremlin operation responsible for destabilising Moldova. Cronies used by corrupt leaders to undermine democracy and rule of law in Georgia and Guatemala also included in new crackdown. Action marks latest step in Foreign Secretary’s campaign to tackle threats to UK from corruption and illicit finance…
CPS convicts five individuals for laundering £3.25m from romance fraud, using fake dating profiles to exploit victims with fraudulent financial requests
Edusei and others carried out romance fraud by creating fake dating profiles and deceiving victims into believing they were in real relationships. Using emotional manipulation, they persuaded victims to send money for fabricated emergencies such as failed business trips, fines, or lost wallets. Victims transferred funds via bank accounts or post until they either ran out of money or became suspicious. The stolen funds were then laundered through the offenders’ accounts…
HM Treasury publishes 2023-24 AML/CTF supervision report emphasising stricter oversight for high-risk sectors, gaps in supervision and BO transparency, and a risk-based enforcement strategy
The report outlines the activities of AML/CFT supervisors, covering data on supervisory and enforcement actions from both Public Sector and Professional Body Supervisors, highlighting key changes and fines issued. It introduces new metrics, detailing the training and guidance provided to firms, as well as trends in enforcement actions…