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The United Kingdom needs to "do more" to crack down on money laundering and other types of economic crime, especially when proceeds are 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.
The U.K.'s national economic crime unit will launch a new assault on money laundering in what it sees as an essential fight to protect the country's reputation as a financial center, a top official in the agency said, in an interview with ACAMS moneylaundering.com.
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.
An anti-money laundering compliance fine disclosed Thursday by the United Kingdom highlights the regulatory risks that commercial clients can pose to their bankers, according to consultants.
As the U.K.'s Financial Conduct Authority navigates its first week of existence, the agency's newly released business plan promises a tough approach on fighting financial crime with a focus on complex cases.
