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.
Our Criminal Law team offers expert advice on the law in relation to money laundering, for more information visit our web page here.