United Kingdom

New Documents

The United Kingdom’s Serious Fraud Office announced the conclusion of its investigation into British American Tobacco, its subsidiaries and associated persons in connection to corruption allegations.

The United Kingdom’s National Crime Agency announced that four individuals suspected of being members of an Albanian organized crime group have been charged with money laundering and drug supply offenses after officers seized £340,000 in cash and cocaine worth £400,000.

News

Enforcement Actions

The UK Solicitors Regulation Authority entered into an agreement with the Northamptonshire, England-based firm for its failure to comply with anti-money laundering requirements, in particular customer due diligence requirements.

The United Kingdom Gambling Commission fined the Dundalk, Ireland-based business and added conditions to its license in light of anti-money laundering failures discovered during an assessment.


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