United Kingdom

New Documents

HM Treasury’s Office of Financial Sanctions Implementation published a notice concerning amendments made to the identifying information of one individual designated pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

The governments of the United States, Canada, the United Kingdom and the European External Action Service announced coordinated sanctions in response to the May 23, 2021 forced landing of a commercial Ryanair flight by Belarus.

News

Enforcement Actions

The United Kingdom’s Financial Conduct Authority issued a fine against the London, England-based company for deficiencies leading to the risk of facilitating fraudulent trading and money laundering.

The United Kingdom’s Serious Fraud Office announced that the London, U.K.-based company pleaded guilty to one count of corruption in connection to contracts won to carry out work for the Saudi Arabian National Guard.


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