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.
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.
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.
The U.K.'s planned new regulator of banks and other financial institutions would impose tougher oversight than its predecessor, a series of proposals for the agency's forthcoming operations handbook show.
U.K. financial regulators will likely only get tougher on British banks that violate anti-money laundering laws in the coming year, possibly going so far as to prosecute individuals, according to Jonathan Fisher QC, a London-based barrister.
A planned regulatory overhaul, economic sanctions against Iran and the enforcement of anti-bribery rules will be among the biggest issues British financial institutions contend with in 2012, say experts.
One out of every three British banks is unwilling to turn away customers with an "unacceptable" level of risk for money laundering, the United Kingdom's chief financial regulator said in a report Wednesday.
The United Kingdom's chief financial regulator is set to announce next week a multi-million pound monetary penalty against a bank for weak anti-money laundering controls, according to an individual familiar with the matter.