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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
National Crime Agency updates
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FCA charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media
The FCA has accused Emmanuel Nwanze of operating an unlawful investment scheme and issuing unlawful financial promotions. Nwanze-Thompson, used an Instagram account, named Holly_Fxtrends, to advise on buying and selling CFDs when they were not entitled to do so…
Institute of Economic Affairs publishes research ‘Debanked: The economic and social consequences of anti-money laundering regulation’
Alleges that Anti-money laundering regulations ‘force banks to cancel the accounts of innocent customers’.
Home Office updates the modern slavery statement registry to encourage UK companies to help the Govt’s efforts to tackle this crime
The changes will encourage businesses to upload their annual modern slavery statements in a timely way and support them to publish robust statements. Modern slavery statements help reduce the risk of forced labour being used in UK supply chains by increasing transparency and allowing consumers to make informed choices…
UK Payment Systems Regulator (PSR) proposes expansion of APP reimbursement scheme to CHAPS with the aim to prevent fraudsters from switching their operations to alternative payment systems
The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was not made for its intended purpose, the proposed rules aim to encompass indirect participants of CHAPS, thereby widening the range of protection…
UK releases updated guidance on Russia sanctions
The prohibitions and requirements imposed by the Regulations apply within the territory of the United Kingdom (UK) (including Northern Ireland) and in relation to the conduct of all UK persons wherever they are in the world. UK persons includes British nationals, as well as all bodies incorporated or constituted under the law of any part of the UK. Accordingly, the prohibitions and requirements imposed by the Regulations apply to all companies established in any part of the UK, and they also apply to branches of UK companies operating overseas…
Home Office publishes new powers to seize crypto-assets used by criminals go live
The government has updated proceeds of crime and terror legislation, making it easier for UK law enforcement to effectively investigate, seize and recover illicit cryptoassets. These changes include police will no longer be required to make an arrest before seizing crypto from a suspect – this will make it easier to take assets which are known to have been criminally obtained, even if sophisticated criminals are able to protect their anonymity or are based overseas items that could be used to give information to help an investigation, such as written passwords or memory sticks, can be seize…
Gold and art worth millions forfeited by NCA and linked to crime
The criminal assets were seized by NCA officers during an investigation into ML, whose clientele included drug traffickers. Mayhew-Lewis, of Oxted in Surrey, was caught with eight kilos of gold bars and shavings when he was arrested in 2019 by West Midlands Police officers acting on NCA intelligence. The officers found the precious metal – now worth more than £400k – stowed in a compartment of his Bentley…
UK commits to combatting corruption and recovering assets to the OSCE’s Economic and Environmental Committee
One of the enduring challenges in tackling corruption is untangling the complex web of corporate structures used to launder criminal proceeds and hide stolen assets. In the context of Russia’s war of aggression against Ukraine, the UK is fully committed to recovering and returning corruptly-obtained assets in accordance with due process…
HM Treasury released its annual AML/CTF Supervision Report for the period April 2022-2023, offering a timely insight into the activities of the UK’s 25 AML supervisors
These include: Total fines across 25 regulators decreased from £504 million in 2021-22 to £197 million in 2022-23, mainly due to fewer large fines by the FCA, FCA and the Gambling Commission imposing higher fines compared to HMRC and PBSs, FCA’s perspective that retail banking (including payments), wholesale banking, wealth management and crypto-asset firms pose the greatest risk of being exploited for ML…
NCA unmasks LockBit cyber-crime gang leader by infiltrating the group’s network, taking control of its services, including its leak site on the dark web
LockBit were one of the most prolific ransomware groups in recent years, responsible for attacks on over 200 UK businesses and major public service providers. UK and Allies crack down on malicious cyber-criminal activity emanating from Russia that seeks to undermine global integrity, prosperity and security…
House of Commons publishes research briefing on company registration in the UK
The UK Government is reforming Companies House and the company registration regime in the UK. This briefing looks at the company regime and the ongoing reforms.
FinScan launches a webinar on ‘Staying on Top of the Sanctioned Securities Challenge’
In this webinar our panel of experts navigates the tumultuous terrain of geopolitical developments and the technological capabilities required to support…