News
First U.K. Risk Assessment Shows Need for Renewed Crackdown on Money Laundering, Says Official
printRelated News
British lawmakers should allow banks to share their suspicions about clients with other financial institutions as part of an effort to better prevent money laundering, according to a top U.K. law enforcement agency.
The United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.
British officials will soon review the promises and risks of alternative payment systems, including virtual currencies, as part of a broad initiative to promote advances in financial technology.
Britains chief regulator of financial institutions outlined plans to tackle money laundering in the coming year, when it will for the first time police over 50,000 companies that offer consumer credit.
The United Kingdom should strengthen asset forfeiture and anti-money laundering powers as part of an effort to aid the recently-formed National Crime Agency, Britain's Home Office said in a report Tuesday.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.
A report by the United Kingdom's chief financial regulator on the anti-bribery compliance efforts of investment banks likely signals coming enforcement actions, and greater scrutiny of depository institutions, say former officials.
