United Kingdom

New Documents

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning amendments made to the consolidated list entry for one individual designated pursuant to the ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019.

Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, delivered a speech at the City & Financial FCA Investigations and Enforcement Summit.

News

Enforcement Actions

The U.K. Gambling Commission ordered the Ta’ Xbiex, Malta-based gambling operator to pay £305,150 towards socially responsible causes in lieu of a financial penalty for social responsibility and anti-money laundering failures.

The United Kingdom’s Gambling Commission imposed a monetary penalty against Isle of Man-based entity for various anti-money laundering deficiencies 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