An influential panel of U.K. lawmakers called on British officials Wednesday to consider introducing legislation that would allow compliance officers to share intelligence with investigators even when they have not yet formed a clear suspicion of financial crime. In a report that will add to growing pressure on the government to strengthen Britain's defenses against illicit finance, the House of Commons' Treasury Committee reiterated longstanding concerns over criminal abuse of U.K. legal entities and the lack of resources law enforcement agencies have to tackle fraud, money laundering and other financial crimes. But the committee also raised fresh concerns over the...
U.K. officials want to give anti-money laundering supervisors consistent access to suspicious activity reports during their inspections, and also expand requirements for companies to report inaccuracies in beneficial ownership information.
U.K. financial institutions must flag any “clear factual errors” found in the ownership data they collect from legal entities under a rule that took effect Friday, as well as any “material differences” between that data and the disclosures those same clients make to a national register.
Britain is set to increase the size of its financial intelligence unit, UKFIU, to almost 200 employees, 14 years after having pledged to do so to an international group that promulgates and assesses compliance with global anti-money laundering standards.