- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Ruth Prickett2024-06-06T13:52:00
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
Mitchell made headlines last month for telling think tank Bright Blue that “40 percent of money laundering around the world … comes through London and overseas territories and crown dependencies.”
In April, Mitchell committed to tackling illicit flows of money by forcing companies to be transparent about their ownership.
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The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.
