It has been reported that the UK’s anti-money laundering measures are in need of a complete reset. Katie Wheatley, Partner and Head of our Crime, Fraud and Regulatory team, has commented on this:
The Chatham House Report is further evidence, if any were needed, of the expectations of those working in the financial and professional sectors to play a role in combating money laundering here in the UK. There are already laws and regulations that set out obligations, some of which are covered in a previous blog.
As an example of how those provisions have teeth, in a recent prosecution by the Financial Conduct Authority, NatWest Bank pleaded guilty to money laundering offences linked to failing to monitor a customer’s transaction at one of its branches. It is due to be sentenced very soon at Southwark Crown Court.