AML and Compliance

UK Treasury Launches Consultation into Money Laundering Regulations

HM Treasury has published a consultation into the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Money Laundering Regulations), which impose various obligations on a range of businesses to identify and prevent money laundering and terrorist financing. The consultation was launched on 11 March 2024 and covers four key themes: The latest consultation, ‘Improving the Effectiveness of the Money Laundering Regulations’, builds on the findings… Read More »UK Treasury Launches Consultation into Money Laundering Regulations

Men Jailed in £2.6m Fine Art Money Laundering Scam

Two men who made millions from selling fake paintings to vulnerable and elderly victims have been jailed following a six-year money laundering investigation. Behrad Kazemi and Raj Nasta were sentenced at the end of March to a combined seven years’ imprisonment for their role in selling fake art. The investigation began in April 2018 when Sussex Police received fraud reports from several people who had been cold called by an asset management firm, who advised… Read More »Men Jailed in £2.6m Fine Art Money Laundering Scam

UK E-Money Giant Shuts Down Following AML Concerns

Prominent UK-based electronic money company Transactive Systems Ltd will cease operations after a decision by regulators to revoke its licence amid rising concerns over money laundering. The move comes after a rigorous investigation over the past few years by regulatory bodies into the firm’s anti-money laundering (AML) practices. Last year, the Bank of Lithuania, which had granted subsidiary company Transactive Systems UAB its operating licence, fined the payments firm €280,000 and revoked its licence for… Read More »UK E-Money Giant Shuts Down Following AML Concerns

Environment Agency Launches Economic Crime Unit

The UK government has introduced a new unit within the Environment Agency to tackle money laundering and other criminal activity in the country’s waste sector. The Economic Crime Unit will be tasked with investigating money laundering offences and other financial crimes in a bid to drive out criminals operating in the industry. Waste crime is thought to cost the UK economy around £1 billion annually and has been described as a “blight” on the community.… Read More »Environment Agency Launches Economic Crime Unit

National Audit Office Publishes Report into FCA

The UK’s independent public spending watchdog, the National Audit Office (NAO), has published its report into the effectiveness of the Financial Conduct Authority (FCA) amid concerns about the financial regulator’s ability to manage a growing list of responsibilities.

AML Shake-up Puts Accountants at Risk

The UK government’s plans to reform the country’s anti-money laundering (AML) regime will expose accountants and other businesses to a greater risk of financial crimes, professional body the Association of Accounting Technicians (AAT) has warned.