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NCA secures a landmark victory with its first UK sanctions breach convictions, as former Russian official and his relative are found guilty of evading sanctions and ML

April 9, 2025

The convictions are a direct result of efforts to enforce the UK’s robust sanctions regime, which was introduced to exert economic pressure on Russia following its invasion of Ukraine. In this case, Dmitrii Ovsiannikov, the former Governor of Sevastopol, a city illegally annexed by Russia, was found guilty of circumventing UK sanctions. His family members, particularly his brother, also played a role in facilitating the breach, further solidifying the NCA’s…

Companies House launches voluntary identity verification to enhance data reliability, protect the register from misuse, and bolster the UK’s defences against fraud and economic crime

April 8, 2025

By verifying the identities of individuals setting up, running, or controlling companies, the government aims to increase transparency, reduce money laundering, and prevent fraud. This measure is part of the Economic Crime and Corporate Transparency Act 2023, which grants Companies House enhanced powers to ensure the integrity of the UK’s business register. The service helps prevent criminals from using false identities to set up shell…

CoLP reports £649m lost to investment fraud in 2024, with 66% tied to cryptocurrency scams, as fraudsters increasingly exploit social media and impersonate trusted figures

April 8, 2025

Criminals exploited social media platforms and fake celebrity endorsements to run increasingly sophisticated cryptocurrency scams across the UK in 2024, with the CoLP reporting that younger victims were disproportionately affected as total losses from investment fraud surpassed £649m…

UK announces new sanctions on corrupt actors undermining democratic institutions, reinforcing its ongoing campaign against global corruption and illicit finance

April 2, 2025

UK sanctions pro-Kremlin operation responsible for destabilising Moldova. Cronies used by corrupt leaders to undermine democracy and rule of law in Georgia and Guatemala also included in new crackdown. Action marks latest step in Foreign Secretary’s campaign to tackle threats to UK from corruption and illicit finance…

CPS convicts five individuals for laundering £3.25m from romance fraud, using fake dating profiles to exploit victims with fraudulent financial requests

April 2, 2025

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

April 1, 2025

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

March 31, 2025

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

March 31, 2025

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

March 28, 2025

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

March 27, 2025

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

March 27, 2025

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

March 25, 2025

Key financial crime highlights include the persistent rise in payment fraud, particularly social engineering scams that bypass strong authentication measures…

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