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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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CPS: Three convicted money launderers have been ordered to repay £23.6 m after illegally obtaining Australian dollars and laundering them through cryptocurrency
Masterminded by James Parker the scam exploited a loophole in a crypto exchange allowing his associates to withdraw millions before his death in 2021. Authorities have recovered significant assets with the CPS emphasizing its commitment to targeting proceeds of cyber-enabled crime…
PSR Strategy Update outlines measures to enhance payment security with a strong emphasis on fraud prevention, innovation and consumer protection
Key initiatives include reinforcing APP fraud reimbursement, improving Faster Payments oversight, and expanding open banking capabilities to drive innovation while mitigating financial crime risks.
Home Office’s 2024 drug seizure statistics reveal a 13% rise, with police forces and Border Force carrying out 217,644 seizures in the UK, compared to 192,145 the previous year
The data relate to all drugs controlled under the Misuse of Drugs Act 1971 and Psychoactive Substances Act 2016. The number and quantity of seizures made can be affected by police and Border Force activity and changes in recording practices, as well as changes in the drugs market. Therefore, the number and quantity of drug seizures each year should not be taken as an indicator of drug prevalence in England and Wales…
FCA in its letter to the PM outlines a new approach to align regulations with growth, making it a cornerstone of its 2030 strategy and detailing plans to remove ‘unnecessary regulation’
Key highlights inlcude embracing economic reform risks – the FCA moves from tick-box compliance to a principles-based approach, regulatory easing: Proposals include relaxing some AML requirements to ease business burdens, corporate responsibility: Greater autonomy for boards to drive ethical practices and safeguard consumers….
FCA issues crucial insights on strengthening cryptoasset AML/CTF Applications
FCA provides feedback on the good and poor quality applications, including importance of qualified MLROs, tailored sanctions controls, and transparent marketing practices…
SFO charges five men, including two solicitors following the collapse of the law firm Axiom Ince and alleged improper use of over £60m of client money
The firm’s CEO and director Pragnesh Modhwadia is charged alongside co-director Shyam Mistry and Chief Financial Officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses…
UK Charity Commission seeks information on the risks non-profit organisations face from terrorist financing schemes
The Commission is currently undertaking a review of the UK’s NPO sector, in accordance with FATF’s Recommendation 8, to help assess its vulnerability to terrorist financing.
Home Office publishes 2023/24 on the activities of the Appointed Person for England and Wales
Officers must file a written report to the Appointed Person in two scenarios: where assets are seized but not detained for more than 48 hours and where no assets are seized. This report should explain why the officer believed the powers were exercisable or why prior judicial approval was not practicable.
Home Office publishes Unexplained Wealth Orders Annual report from 2023 – 2024
This report shows how many times law enforcement agencies applied for an unexplained wealth order and how many unexplained wealth orders were issued by the High Court…
FCA charges John Dance, former WealthTek LLP partner, with fraud and ML, alleging he misappropriated £64m of client funds to finance personal ventures
John Dance, former principal partner at WealthTek LLP is accused of abusing his position to transfer over £64 m from client accounts for personal gain between 2014 and 2023. The FCA alleges he laundered funds through personal and business accounts using the money to purchase racehorses, properties, and fund other ventures. Additionally, he faces charges of making false representations about WealthTek’s regulatory permissions…
Department for Business and Trade announces publication of the UK strategic export controls annual report 2023
The report covers export controls policy and licensing decisions for 2023, managed under the previous UK Government. Export controls are intended to ensure exported goods do not contribute to WMD proliferation, to protect UK security by controlling access to sensitive technologies, and to prevent misuse of exported items in internal repression or serious violations of international humanitarian law.
PSR Report exposes major platforms enabling APP scams costing UK consumers £341m in 2023
The Payment Systems Regulator reveals that over half of APP scams exploited Meta platforms (Facebook, Instagram, WhatsApp), accounting for £62.7M in losses, with telecom fraud causing the highest losses (£107.2M). Investment scams, though fewer in number, resulted in the largest financial impact, highlighting the need for cross-sector collaboration to close vulnerabilities and prevent fraud…