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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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FCA consults on proposals for regulating cryptoassets
The FCA has released a Discussion Paper (DP) to develop rules for cryptoasset admissions and disclosures (A&D) and cryptoasset market abuse controls (MARC). The proposals focus on balancing risk reduction with fostering innovation and growth in the UK cryptoasset market.
Gambling Commission put a ban on a snooker player being found guilty of match mixing
Snooker Mark King has been suspended for five years and fined £68,299.50 for match-fixing and providing inside information following a ruling by the WPBSA. The Gambling Commission supported the case with betting data to ensure fair play. The director emphasized that betting-related corruption in sports will not be tolerated and reinforcing the commitment to integrity in licensed gambling…
NCA disrupts $multi-billion Russian ML networks with links to, drugs, ransomware and espionage, resulting in 84 arrests
Two Russian-speaking networks have been exposed at the centre of a global ML operation enabling UK-based criminals, transnational groups and Russian oligarchs to bypass sanctions. OFAC has sanctioned key figures and four TGR-linked businesses, while NCA led efforts have resulted in 84 arrests and the seizure of over £20m. The networks laundered cryptocurrency, funded Russian espionage…
UK Govt unveils its plan to support Cyprus in establishing a new National Sanctions Implementation Unit to crack down on illicit Russian finance flowing through Europe
The unit will share expertise and intelligence between the OFSI and OTSI and Cypriot Ministry of Finance to disrupt and intercept the flow of illicit finance through Europe to ensure the effectiveness of sanctions on Putin’s war machine. That new unit will include new analytical tools and powers to investigate sanctions evasion and track funds being moved across Europe. The unit comes as the UK also deepens cooperation with Cyprus on serious organised crime. We will work together to combat illicit finance by sharing knowledge on the registration of beneficial owners of assets…
FCA’s 5-year strategy for 2025-2030, identifies financial crime as a key theme, focusing on its commitment to tackling FC and improving regulatory effectiveness
The FCA aims to slow the growth of fraud through enhanced partnerships and international collaboration. They plan to leverage data sharing and analytics to identify and prosecute financial criminals, building on a successful proof of concept. Concerns about the cost of financial crime controls and suggested digital passports as a potential solution…
FCA publishes Policy Statement PS24/17, introducing significant updates to its Financial Crime Guide (FCG)
New practical advice on governance, transaction monitoring, and leadership engagement to manage financial crime risks, complete with self-assessment tools and real-world examples. These revisions followed a consultation period launched in April 2024 (CP24/9) and were driven by the FCA’s ongoing commitment to ensuring that firms possess robust systems and controls to counter financial crime effectively.
FCA seeks further views on enforcement transparency proposals
The FCA has published the second phase of its consultation on proposals for a measured increase in transparency about its enforcement investigations, and set out plans for further engagement after significant concerns were raised in relation to the original consultation.
FCA’s Crypto Roadmap outlines a two-year plan to create a secure, clear, and innovation-friendly regulatory framework for the crypto market
The key statistics highlight: 12% of UK adults now own crypto (up from 10%), 93% awareness of crypto (up from 91%), Average crypto holdings have increased to £1,842 (from £1,595), 1 in 3 mistakenly believe they can file a complaint with the FCA – crypto remains unregulated, 26% of non-crypto users would consider buying crypto if it were regulated…
CPS exposes a £3m money laundering scheme, involving a Company Director and his wife, an HMRC employee
Badesha worked for the HMRC compliance team and she registered the 12 firms with Companies House and did work for them, but failed to declare this to HMRC as a potential conflict of interest. None of the companies were registered with the HMRC for VAT purposes. She created two fake HMRC letters which enabled Singh to open up two personal bank accounts with RBS and Santander…
TI-UK publishes response to the Cayman Island’s consultation on providing legitimate interest access to beneficial ownership
Claims that proposals, in their current form, will not enhance the Cayman Islands effort to tackle money laundering, corruption and its predicate offences, nor will it strengthen the integrity of its financial services.
TI-UK analysis reveals £5.9bn in suspicious funds used to purchase UK properties via shell companies in UK’s Overseas Territories, with over 90% channelled through the British Virgin Islands
Corporate secrecy in the UK’s Overseas Territories plays a central role in enabling corruption, money laundering, and the evasion of tax and sanctions on a global scale. The research highlights the Overseas Territories’ role as global hubs for suspicious and illicit wealth. The secrecy provided by these jurisdictions have made them destinations of choice for corrupt individuals seeking to conceal criminal acts and enjoy the proceeds of their crimes with impunity. Greater transparency is essential to trace these financial flows, not only within the property sector but in the broader fight against corruption and money laundering. Of UK£11.1 billion (US$14.1bn) invested in 1,600 UK properties, since 2016, using funds with dubious origins, half (UK£5.9bn (US$7.5bn)) came via shell companies set up in UK Overseas Territories, with most (UK£5.5bn (US$7.0bn) from entities registered in the British Virgin Islands (BVI)…
New ICO Guidance on sharing personal data in fraud investigation provides important directions for organisations on how to lawfully share personal data under UK GDPR
The ICO Guidance aligns with UK Govt Guidance measures that encourages voluntary information sharing for preventing economic crime, as outlined in the ECCT Act 2023. Key takeaways: Data Protection Impact Assessments (DPIA) Required – to assess and mitigate risks associated with sharing personal data for fraud investigations. Clear Data-Sharing Agreements – to ensure there is a lawful basis for sharing personal data under GDPR. Provide Practical Tools, Templates & Case Studies – to assist organisations in staying compliant when sharing data. Supporting Cross-Sector Collaboration – to improve the overall impact of data-sharing efforts…