Our Thoughts

Blockchain: a new AML kid on the block

Blockchain: a new AML kid on the block

Global spending on anti-money laundering (AML) compliance is set to grow to more than $8 billion by 2017. It is, therefore, a costly but necessary obligation for companies, particularly as confronting the rising threat of terrorism and the increasingly sophisticated...

SRA fines law firm MLRO for AML breach

SRA fines law firm MLRO for AML breach

Following our recent report that the Money Laundering Regulations 2007 were not being used to prosecute in the regulated sector, the Solicitors Regulation Authority (SRA) has acted in its capacity as a supervisor under the Regulations by taking rare disciplinary...

Law enforcement drops the ball

Law enforcement drops the ball

A recent Freedom of Information Request to the MOJ by the Howard Kennedy Business Crime team elicited the rather startling response that only 5 individuals have been found guilty of offences under the Money Laundering Regulations 2007 since they came into effect on 15...

The Criminal Finances Bill – the buck stops at the top!

The Criminal Finances Bill – the buck stops at the top!

When introducing the Criminal Finances Bill in October of last year, the government announced that it would significantly improve the ability: to tackle money laundering and corruption recover the proceeds of crime and counter terrorist financing The Bill, promised in...

HMG Tightening The Screws – A New Anti-Money Laundering Body

The UK government has announced plans to create OPBAS – the Office for Professional Body Anti-Money Laundering Supervision – a new watchdog that will tackle potential weaknesses in the money laundering supervisory system that criminals and terrorists may be trying to exploit.

So what are Unexplained Wealth Orders all about?

A new law is making its way through parliament as part of the Criminal Finances Bill which will give the Serious Fraud Office, HMRC, the National Crime Agency and other agencies the power to requiring an individual to explain the ownership of assets and how they were obtained. This will be the power to apply to the High Court for an Unexplained Wealth Order (UWO).

SARs, seizures and the Met’s solution

Money laundering is a big problem. It destabilises financial markets, facilitates organised crime and funds terrorism. The best available estimate of the amount of money laundered worldwide is equivalent to some 2.7% of global GDP.

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