The United Kingdom needs to "do more" to crack down on money laundering and other types of economic crime, especially involving proceeds placed in banks or real estate, a senior government official said Monday, citing the soon-to-be-released, first-ever national risk assessment for money laundering and terrorist financing. The national risk assessment (NRA) will also serve as the basis for an anti-money laundering plan that will seek to address shortfalls and "intelligence gaps," and enhance law enforcement's response to the most serious threats, Robert Buckland, HM Solicitor General for England and Wales, said at the 33rd Cambridge International Economic Crime Symposium....
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.
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.