News

The U.K. National Crime Agency, or NCA, over the past year has had to contend with a deluge of requests from the financial services industry to handle transactions tied to the burgeoning legal cannabis business in the U.S. and elsewhere, sources told ACAMS moneylaundering.com. British financial institutions must flag transfers associated with commerce viewed as legal overseas but illicit in the U.K., an obligation that poses significant compliance challenges for investment banks, pension funds and other firms involved in marijuana-related business in countries with more liberal cannabis regimes, such as Canada, the United States and Portugal. Since 1993, U.K. firms...