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Facing staunch criticism for its oversight of Britain's insurance sector, the United Kingdom's top financial regulator will restructure itself less than two years after its launch, the agency disclosed Monday.
A proposal to hold British bankers more accountable for compliance failings could soon extend to senior executives of foreign banks, U.K. regulators said Monday.
The United Kingdom's tax enforcement agency is unlikely to meet prosecution targets set for the financial year due to crippling funding cuts, say sources.
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.
Despite having global standards in place for decades and financial institutions spending "an absolute fortune" on compliance, the international anti-money laundering effort is failing, according to a British official.
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 stringent new British anti-bribery law will be implemented before the end of the year despite concerns from the business community and the Cameron government, according to the measure's authors.
U.K. lawmakers plan to quickly pass legislation to reverse a high court decision Wednesday that disallowed the freezing of funds belonging to suspected terrorist financiers under United Nations sanctions.
British investors suspected of tax evasion through investments in Liechtenstein must either disclose their assets or find banks outside of the European principality, according to a tax agreement announced Tuesday.
The country's financial intelligence unit needs to increase its staff and law enforcement agencies need to better train officers in analyzing financial information, according to a report by the U.K.'s top criminal intelligence unit.
The new AML regulations authorize law enforcement agents to search a business if they have reasonable cause to believe the entity is subject to AML rules but hasn't registered with the government.
