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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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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…
NCA’s 2024/25 Annual Plan prioritises tackling serious and organised crime, drug trafficking, immigration crime, and online fraud, while strengthening global cooperation
The NCA’s Annual Plan for 2024-2025 focuses on tackling the evolving threat of serious and organised crime, particularly in the digital space. With a focus on reducing harm, improving defenses, and dismantling criminal groups, key priorities include disrupting drugs, organised immigration crime, and online fraud…
UK Govt hosts a global summit on organised immigration crime, securing international cooperation and pledging over £30m to strengthen border security and disrupt smuggling networks
Key outcomes include international agreements to disrupt criminal networks, joint initiatives with France to tackle irregular migration at its source, and a £30 million UK funding package for security projects across Europe, Asia, and Africa. The summit also emphasized intelligence sharing, tackling online facilitation of OIC, and educating vulnerable communities on migration risks…
NCA’s Annual SARs report shows a 1.5% rise in submissions to 827,048, £240.1m denied via DAML requests, a 19% increase in DAFT SARs – underlining the need for accurate, high-quality reporting
The introduction of a higher DAML threshold and the new SARs Digital Service is improving operational efficiency, enabling law enforcement to more effectively tackle money laundering and related criminal activity. The UKFIU’s SARs Annual Report also highlights improvements in SARs reporting quality and the positive impact of recent technological advancements…
HM Treasury advises UK-regulated firms to apply EDD and ongoing monitoring to any business relationship or transaction involving High-Risk Third Countries, in line with FATF’s revised lists
UK firms must apply enhanced due diligence and ongoing monitoring to all customers and transactions linked to high-risk third countries, tailoring the intensity based on risk factors and FATF findings. Additionally, group-wide controls require branches and subsidiaries in weaker AML jurisdictions to implement UK-equivalent measures to ensure consistent compliance…
UK Govt releases updated guidance on Modern Slavery Act reporting requirements
This guidance highlights the growing scrutiny of corporate responsibility in preventing modern slavery, especially in complex global supply chains. The guidance is a crucial tool for businesses striving to mitigate risks linked to human trafficking and forced labour…
FCA’s 5-year strategy envisions a trusted, innovative sector through smarter regulation, tech-led financial crime prevention, high-growth support, stronger Consumer Duty and global expansion
Key financial crime highlights include the persistent rise in payment fraud, particularly social engineering scams that bypass strong authentication measures…
NCA launches a campaign to combat financially motivated sextortion, a growing online blackmail targeting teenage boys, aiming to raise awareness and empower victims to report
Organised crime groups, mainly from West Africa and Southeast Asia, exploit victims for quick financial gain, sometimes blackmailing them within an hour of contact. Research shows most teenage boys lack awareness of sextortion tactics and reporting mechanisms. The campaign, running on social media, aims to educate boys aged 15-17 and provide guidance for parents…
Home Office issues independent review of disclosure and fraud offences aiming to modernise disclosure and benefiting individuals and corporations by tackling key inefficiencies
The review by Jonathan Fisher KC outlines how the rapid growth of digital data is overwhelming investigators, prosecutors and defence teams, leading to delays, inefficiencies and risks to fair trial rights. It calls for urgent reform to modernise disclosure practices and better tackle complex fraud cases…
HMRC urges informal money transfer providers, such as Hawala operators to register for AML supervision, warning of penalties, prosecution, or closure for non-compliance
HMRC allows businesses to remain compliant with UK regulations, avoiding the significant risks associated with non-compliance such as hefty fines, reputational damage, or even closure. The campaign emphasize that regulatory compliance is not only essential for legal operation but also helps to protect the integrity of the financial system and safeguard the communities these services support…
NCA charges man after Border Force officers at Heathrow Airport seizes £1m in suspected illicit cash linked to criminal activity, intercepting him before his flight to Beirut
Serious and organised crime in the UK is often driven by financial gain. Border Force’s £1M cash seizure at Heathrow, due to officers’ vigilance, has triggered an NCA investigation. Authorities remain committed to disrupting criminal networks and safeguarding the public…