Britain's 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. In a report Thursday, the Financial Conduct Authority (FCA) said it will review of the controls that credit card companies and other lenders have in place to stem criminal exploitation and help establish a network to share intelligence on the firms. The agency assumed oversight of the consumer credit industry in April, effectively doubling the number of entities under its purview. The level of scrutiny on anti-money laundering (AML)...
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.
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.