United Kingdom

New Documents

HM Treasury issued a notice concerning amendments made to the identifying information for two individuals and three entities following changes to Council Regulation (EC) 1183/2005, which imposes financial sanctions against the Democratic Republic of the Congo.

The United Kingdom’s National Crime Agency announced that Seyed Sajjad Shahidian, who was arrested on Nov. 11, 2018 by officers and extradited to the U.S. in May 2020, was sentenced for conducting financial transactions in violation of U.S. sanctions against Iran.

News

Enforcement Actions

The U.K. Solicitors Regulation Authority issued a £19,200 penalty pursuant to an agreement with the Cambridge, United Kingdom-based firm for its anti-money laundering and customer due diligence failures.

The Solicitors Regulation Authority of the United Kingdom issued a decision striking off Stephen Michael Oakley, former director of Oakley and Davies Limited, for his conviction on money laundering charges connected to the purchase of property for a client.


Important Facts

  • The U.S. State Department identifies the United Kingdom (U.K.) as a major money laundering jurisdiction. The country’s leading role in European and world finance, size, sophistication and reputation of its financial markets make the U.K. attractive to money launderers. The majority of money laundering is cash-based, in particular cash collections networks, international controls, money services businesses and informal alternative remittance systems. Also, professionals in the legal and accountancy sectors move and launder criminal proceeds. The country is suffering from major gaps in intelligence, especially in relation to high-end money laundering, which is particularly relevant to major frauds and foreign corruption where proceeds are generally held in bank accounts, real estate or other investments rather than cash. The United Kingdom has implemented know your customer and suspicious transaction reporting regulations, as well as enhanced due diligence for foreign politically exposed persons. Although the U.K. adheres to the EU’s Fourth Anti-Money Laundering Directive, it passed the Sanctions and Anti-Money Laundering Act 2018, the legislative basis for the U.K.’s anti-money laundering regime following its planned departure from the European Union.
Source: 2019 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 23 High : 4
Largely Compliant : 15 Substantial : 4
Partially Compliant : 2 Moderate : 3
Non-Compliant : 0 Low : 0

BASEL i

Rank : 106/125
Score : 4.13/10

TRANSPARENCY INTERNATIONAL i

Rank : 12/180
Score : 77/100

Tax Justice Network i

Rank : 12/133
Score : 46/100