United Kingdom

New Documents

The Parliament of the United Kingdom enacted the Republic of Belarus (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2021, which revokes and replaces previous regulations regarding the implementation of new financial, trade and aircraft sanctions measures.

The United Kingdom’s Solicitors Regulation Authority published a report concerning its anti-money laundering work, highlighting that it undertook a total of 85 firm visits to offer guidance and help them prevent criminal abuse.

News

Enforcement Actions

The Financial Conduct Authority of the United Kingdom issued a final notice imposing a £147,190,200 penalty on the Zürich, Switzerland-based financing institution for failing to maintain adequate systems and controls to counter the risk of firms being used to facilitate financial crime.

The Gambling Commission issued a public statement detailing the regulatory settlement of the Leeds, U.K.-based remote casino for anti-money laundering and social responsibility failures.


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 : 116/141
Score : 4.02/10

TRANSPARENCY INTERNATIONAL i

Rank : 12/180
Score : 77/100

Tax Justice Network i

Rank : 12/133
Score : 46/100