In a recent piece for the Financial Times, Tom Keatinge of the Royal United Services Institute’s Center for Financial Crime & Security Studies said that as regulatory expectations have shifted towards financial institutions in combating financial crime, UK banks are now expected to file Suspicious Activity Reports (SARs).… Continue Reading
Posts Tagged: National Crime Agency
At the start of the New Year, the UK’s tax authority, HM Revenue and Customs (HMRC), issued a series of punitive fines – including its largest-ever punitive sum – against businesses that had breached strict anti-money laundering regulations.… Continue Reading
The Covid-19 outbreak presented “an unprecedented crisis” for the criminal justice system in the UK – coming as it did when there was already a mounting backlog of complex criminal cases in England and Wales.… Continue Reading
Unexplained Wealth Orders (UWOs) — nicknamed the “Mcmafia” law after the hit TV drama about Russian organized crime in London — received a lot of attention in the press as the solution to the UK’s dirty money problem.… Continue Reading
As we approach the anniversary of the Financial Conduct Authority’s first published set of aggregated results, it’s a good time to review what that means for risk managers across the UK and Europe.… Continue Reading
I was bemused when I read that the head of the UK’s National Crime Agency (NCA), Donald Toon, had bitterly complained about the tardiness of the Cayman Islands authorities in responding to information requests about the identities of ultimate beneficial owners (UBO) of Cayman companies.… Continue Reading
Despite the UK’s rhetoric about wanting a “world leading reputation for integrity” as a financial center, it has never prosecuted a single company or bank for money laundering.
Given the scale of money laundered through the UK, this is pretty extraordinary.… Continue Reading
I have long advocated that Grand Corruption should be considered a crime against humanity, under Article 7(1)(k) of the Rome Statute establishing the International Criminal Court.
Given my prior interest and area of professional expertise, the recent announcement that the UK’s National Crime Agency (NCA) will be heading up and hosting a team of specialist investigators to target Grand Corruption from countries such as Australia, Canada, New Zealand, Singapore and the USA grabbed my attention.… Continue Reading
UK Prime Minister Theresa May’s manifesto for the re-election of the Conservative Party launched last week commits her government if it wins (which all bets are on that it will) to incorporating the Serious Fraud Office into the National Crime Agency.… Continue Reading
Speaking at the C5 Anti-Corruption Conference in London Tuesday, Oliver Heald, the UK Solicitor General, announced that Britain’s first anti-corruption plan will be published in the next few weeks.
In a sneak preview, the Solicitor General said that the report will emphasize how coordination across law enforcement and government agencies will improve and responses will be faster, thebriberyact.com… Continue Reading