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U.K. Public-Private AML Task Force Eyes New Lease on Life

By Irene Madongo

U.K. officials and British bankers are seeking to extend and expand the National Crime Agency's year-long pilot program to tackle illicit finance, according to an industry source. Working through the Joint Money Laundering Intelligence Taskforce (JMLIT), law enforcement officials and representatives of over 20 global banks including HSBC, Barclays, Citigroup and Standard Charted have identified and closed banks accounts controlled by criminals, issued methodologies and helped develop cases resulting in eight arrests since the program's launch in February 2015. JMLIT is one of only a few government-led programs in which regulators, bankers and investigators have successfully collaborated to tackle financial...

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