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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
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A £4bn fraud scheme led by Michail Roerich used 1,000+ UK shell companies, forged audits, and fake documents in an attempt to seize a Ukrainian gold mine, prompting Companies House reform
The fraud scheme exposed major weaknesses in the UK’s company registration system, as Roerich fabricated a mining empire using false financial claims, a phantom bank, and fake endorsements. His tactics highlighted the urgent need for stricter oversight, leading to Companies House reforms…
House of Lords urges the FCA to drop its controversial ‘name and shame’ proposal, warning it could unfairly harm firms’ reputations and undermine public trust by publicising unproven investigations
This report strongly criticises the FCA’s proposed policy shift on publicizing enforcement investigations, highlighting concerns over reputational damage, lack of stakeholder engagement, and potential misalignment with the UK’s competitiveness goals…
UK Pensions Regulator announces improvements to its anti-fraud initiatives to combat pension scams, focusing on strengthening intelligence gathering and cross-agency collaboration
TPR has embedded intelligence experts within key law enforcement bodies and is leading the Pension Scams Action Group (PSAG) to build a comprehensive picture of pension fraud. With £17.7 million reported lost to pension scams in 2023, TPR is highlighting the importance of increased vigilance and reporting from the pensions industry…
Gambling Commission reports industry data (Mar 2020 – Dec 2024), highlighting online total Gross Gambling Yield in Q3 (Oct to Dec) was £1.54bn, an increase of 21% from Q3 the previous year
This data, sourced from operators, reflects the period between March 2020 and December 2024, inclusive, and covers online and in-person gambling covering Licensed Betting Operators (LBOs) found on Britain’s high streets. This release compares Quarter 3 (Q3) of financial year 2024 to 2025, with Q3 of 2023 to 2024, looking at how the market has changed in comparative periods over a year…
CPS convicts construction industry fraudsters for a £22m scam for evading VAT and Construction Industry Scheme contributions, defrauding taxpayers and HMRC
Seven individuals connected to a construction company were sentenced on 4 February 2025 for their roles in a £22 million fraud against taxpayers. The group, including lead conspirators Daniel Newton, Philip Bailey, and Sean Dean, created fake payroll companies to divert unpaid VAT and Construction Industry Scheme (CIS) contributions into their own accounts. The Crown Prosecution Service, Kent Police, and HMRC uncovered the scheme…
FCA’s Dear CEO letter to payment portfolio firms sets supervisory priorities and expectations, emphasising tighter fraud controls and stricter enforcement standards
The letter emphasises stricter enforcement for firms failing operational resilience standards, continuous risk monitoring, and compliance reporting. It also addresses securing payments infrastructure, including faster payments and open banking APIs. Key next steps include finalizing operational resilience frameworks by March 2025…
JMLSG’s proposed revisions to Part I of its Guidance provide clearer direction on intra-group outsourcing, CDD for group companies, and intermediaries, to help firms achieve regulatory compliance
The proposed revisions include new paragraph relating to local authorities and professional deputies, new paragraphs relating to group companies, as well as a new paragraph and amendments relating to an intermediary as an agent of the customers…
NCA UKFIU SARs highlight rising threats in ML, fraud, and illicit company formations – identifying evolving risks from fraudulent registrations to large-scale laundering schemes
A reporter suspected that a business customer was ML and submitted a DAML SAR to the UKFIU to request a defence to return the account’s balance to the customer while ending their relationship with them. Suspicious indicators on the customer’s account included little evidence of the business being legitimate, cash deposited in small amounts in an apparent effort to avoid detection…
Home Office’s ‘Evaluation of Clear, Hold, Build: A local response to serious and organised crime’ shows success in reducing acquisitive crime but identifies challenges in tackling illegal drug supply & ML
Clear Hold Build is a place-based operational framework of 3 phases, designed to be deployed flexibly. Clear removes the immediate SOC threats through co-ordinated enforcement work by police and partners to target and disrupt organised crime groups (OCGs) and their spheres of influence through arrests and disruption activity. Hold involves interventions and further disruption activities to consolidate and stabilise the Clear phase, so that remaining OCGs cannot fill the void created. Build involves delivering a whole-system approach through interventions that tackle the drivers of crime and reduce the risk of SOC re-emerging in the future.
FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls
A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…
Companies House updates its transition plan for reforming its role under the Economic Crime and Corporate Transparency Act 2023, adding two key implementation dates
There’ll be new responsibilities for: all new and existing company directors, people with significant control of a company (PSCs), anyone who files information on behalf of a company. This is a large and complex set of changes which will be introduced in phases over the coming years. The ongoing operation of the changes will be paid for by an increase in Companies House fees, on a cost recovery basis. We review our fees every year to make sure they’re set at the right level. We increased some of our fees on 1 May 2024.
GCFP publishes the Enterprise Fraud Risk Assessment Guide, offering a structured approach to identify, assess, and mitigate fraud risks, targeting the £81bn annual fraud risk in the public sector
It also considers fraud risks in public-private partnerships (PPPs), where shared responsibilities, complex regulatory environments, evolving compliance requirements, and funding streams create heightened vulnerabilities across various sectors and jurisdictions…