All of the inhabited UK Overseas Territories have committed to adopt publicly accessible registers of company beneficial ownership. Just a few months ago only eight of the country’s fourteen overseas territories had agreed to UK government requests to establish publicly… Read More ›
UK
UK launches new probe into its ‘fragmented’ AML system amidst new TBML concerns
The UK’s treasury committee has launched a new inquiry into the country’s anti-money laundering (AML) system, its efforts to combat economic crime and its sanctions regime. In its last AML report published nearly two years ago, the committee highlighted an… Read More ›
Majority of UK firms hardly halfway through implementation plans for 5MLD
Regulated firms in the UK’s banking, lending, wealth management and estate agents sectors are only 55 per cent of the way through their implementation plans for the European Union’s Fifth Money Laundering Directive (5MLD) according to new research from global… Read More ›
UK’s new National Risk Assessment focuses on TBML challenges
The UK has published its 2020 National Risk Assessment (NRA), the third comprehensive assessment of money laundering and terrorist financing risk in the country. It has a clear focus on the increasing risk of trade-based money laundering (TBML) and identifies… Read More ›
UK money laundering watchdog ditches half of its inquiries
The UK’s Financial Conduct Authority (FCA), which regulates the country’s 60,000 financial services firms and financial markets, has abandoned half of its inquiries into money laundering breaches and is embarked on a series of reforms aimed at making the regulator… Read More ›
US, UK, Switzerland and Israel poorest enforcers of laws against foreign bribery says Transparency International
Transparency International (TI) has published a new report which shows how some of the world’s richest countries fail to enforce laws against foreign bribery. Exporting Corruption examines 47 leading global exporting countries of which 43 are signatories of the Organisation… Read More ›
Proposal for identity verification checks to detect UK-based shell companies criticised
The UK’s Association of Company Registration Agents (ACRA) has been lobbying the British government to give its members a central role in efforts to counter the UK’s reputation as a leading provider of front companies to organised crime groups, corrupt… Read More ›
Nasdaq Automated Investigator for AML to process data using multiple artificial intelligence variants
Nasdaq has announced the first automated solution for investigating anti-money laundering (AML) for retail and commercial banks and other financial institutions. The cloud-deployed Nasdaq Automated Investigator for AML, is built and offered in partnership with UK-based technology developer Caspian, in… Read More ›