Our extensive knowledge at your fingertips

Latest editions

Search

NCA’s UKFIU May 25 SARs Reporter Booklet highlights how SARs triggered asset freezes and forfeitures, uncovering links to shell companies, drug proceeds, and fraud – recovering over £800K in one case

May 30, 2025

Investigations revealed connections to shell companies, excessive gambling, nominee directors, and individuals with criminal backgrounds. Asset freezing orders (AFOs) and forfeitures followed, often recovering tens or hundreds of thousands of pounds. One case involved over £800,000 in restrained assets linked to suspected drug proceeds. Another uncovered a false business front used to launder funds, resulting in a £300,000 forfeiture…

FCA consults on Stablecoin and Cryptoasset custody rules to bolster AML defences through EDD, asset safeguarding, and Travel Rule compliance – feedback due 31 July 2025; final rules set for 2026

May 28, 2025

Stablecoins must be fully backed by low-risk, liquid assets, with issuers subject to rigorous liquidity ratio calculations (BACR) and prompt FCA notification in case of breaches. Redemption must occur at par value within one business day, and custodians must maintain robust safeguarding measures, including third-party due diligence, daily reconciliations, and detailed record-keeping. Cryptoassets must be held in non-statutory trusts, segregated from firm holdings, with clear disclosure, transparent outsourcing accountability, and enhanced client protection to minimise risk of failure and financial crime exposure…

UK Finance 2025 Annual Fraud Report reveals a complex fraud landscape, with 2024 fraud losses held at £1.17bn, despite a 12% rise in reported cases, with APP fraud down but card and investment scams up

May 27, 2025

Authorised Push Payment (APP) fraud saw a decline in both value and volume, attributed to heightened industry investment and consumer awareness. However, unauthorised fraud losses rose to £722 million, driven by a 22% surge in remote purchase fraud, where stolen card details are used for online transactions. Notably, 70% of APP fraud cases originated online, and 16% via telecommunications networks. The financial sector successfully prevented £1.45 billion in unauthorised fraud, marking a 16% improvement from the previous year…

UK SFO launches bribery probe into Blu-3 and Mace associates over Microsoft data centre project

May 23, 2025

The investigation revolves around allegations that more than £3 million in bribes were paid to secure lucrative contracts, triggering coordinated property searches across the UK and Monaco and leading to three arrests. This case underscores the SFO’s growing use of fast, tech-enabled investigative techniques and its sharpened focus on international cooperation, whistleblower outreach, and the application of the new “failure to prevent fraud”…

CPS Economic Crime Strategy 2025 Final Report reveals UK’s firm stance on FC with 25K+ prosecutions, 85.4% conviction rate, and £1.6bn+ recovered through confiscations and major settlements

May 22, 2025

The report underscores strategic partnerships, modernised disclosure reforms, and increased use of digital tools, all aimed at improving case outcomes, enhancing victim support, and reinforcing public confidence. A new Serious Economic and Organised Crime strategy is now in development to continue this momentum…

NCA dismantles master forgery ring that made over £1m supplying fake IDs used by criminals to evade law enforcement, exploit financial services, and fuel organised crime and human trafficking

May 22, 2025

The counterfeit IDs, nearly identical to official licenses, enabled offenders to evade law enforcement and support serious organized crime. The forgers laundered over £1 million through a window cleaning business before being arrested, with authorities seizing extensive forgery equipment and cash…

House of Commons briefing reveals banking fraud soared to £1.2bn in 2023, making up over 40% of crimes against individuals, outlining urgent public and private sector action to tackle it

May 19, 2025

Despite the introduction of a new national fraud strategy and upcoming mandatory reimbursement rules for victims of authorised push payment (APP) fraud, the briefing highlights continued enforcement shortcomings. Alarmingly, only around 2% of reported fraud cases are referred for investigation by local police forces, raising concerns about the capacity and prioritisation of fraud within the criminal justice system…

FCA confiscates over £300K from 3 convicted fraudsters, who ran a fraudulent investment scheme, cold-calling victims to invest in a shell company falsely claiming to trade binary options

May 14, 2025

Between June 2016 and January 2020, the trio cold-called individuals, convincing them to invest in a shell company purportedly trading in binary options. In reality, the funds were misappropriated to finance their personal lifestyles…

HMT’s latest Economic Crime Levy report unveils a powerful £115m annual plan to elevate AML efforts, strengthen investigations, and take a decisive stand against kleptocracy

May 12, 2025

The Economic Crime Levy aims to raise funds to support government efforts to combat ML and other forms of economic crime. The funds are used to support various initiatives, including strengthening the UK’s anti-money laundering (AML) regime, improving intelligence gathering, and hiring financial crime investigators…

Met Police secures UK’s first Terrorism Act conviction of an art dealer who pleaded guilty to 8 counts for failing to report suspicious activity after facilitating £140K in sales to a Hezbollah-linked buyer

May 9, 2025

Oghenochuko Ojiri has become the first person convicted under section 21A of the Terrorism Act 2000 for failing to disclose suspicious art sales…

FCA consults on new rules for cryptoasset trading platforms to boost transparency, protect consumers, and align with traditional finance, as part of its bold Crypto Roadmap – open until 13 June 2025

May 2, 2025

The discussion paper covers key areas like intermediaries, DeFi, staking, lending, and use of credit to buy crypto, ahead of incoming legislation. The FCA aims to create a regulatory regime that: provides clarity for firms and encourages innovation in the crypto space, ensures appropriate levels of market integrity and consumer protection, drives sustainable, long-term growth of crypto in the UK…

BoE’s AI Consortium explores AI’s role in financial services, focusing on benefits, risks, and safe adoption, while addressing growing concerns around financial crime, ethics, and resilience