A planned overhaul of the U.K.'s database of suspicious activity reports won't be completed for another three years at the soonest, despite calls from British lawmakers to replace the system by December.
U.K. officials and British bankers are seeking to extend and expand the National Crime Agency's year-long pilot program to tackle illicit finance, according to an industry source.
The United Kingdom has begun its search for individuals to oversee and staff a new office tasked with enforcing the nation's sanctions program, according to an individual with direct knowledge of the matter.
British lawmakers should allow banks to share their suspicions about clients with other financial institutions as part of an effort to better prevent money laundering, according to a top U.K. law enforcement agency.
The United Kingdom's National Crime Agency will test a new approach to handling suspicious activity reports in its efforts to combat rampant money laundering through British banks.
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