News
U.K. Publishes Strategy to Fight Serious Crime
By Bennett Voyles
printThe United Kingdom should strengthen asset forfeiture and anti-money laundering powers as part of an effort to aid the recently-formed National Crime Agency, Britain's Home Office said in a report Tuesday. The publication of the 76-page strategy coincides with the completion of a 2-year plan to fold the now-defunct Serious Organised Crime Agency (SOCA) into the new agency, known as the NCA, which will investigate cyber-fraud, money laundering, pedophilia and other crimes in addition to improving the nation's analysis of suspicious transaction reports. To aid the new agency, British lawmakers should strengthen the Proceeds of Crime Act (POCA), the U.K.'s...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
The United Kingdom needs to "do more" to crack down on money laundering and other types of economic crime, especially when proceeds are placed in banks or real estate, a senior government official said Monday, citing the soon-to-be- released, first-ever national risk assessment for money laundering.
The resounding victory Thursday of Britain's Conservative Party will mean modest tweaks rather than sharp changes to the U.K.'s fight against financial crime in the coming five years, say analysts.
The U.K.'s national economic crime unit will launch a new assault on money laundering in what it sees as an essential fight to protect the country's reputation as a financial center, a top official in the agency said, in an interview with ACAMS moneylaundering.com.
U.S. authorities should consult British regulators on the financial penalties they plan to impose on banks in the United Kingdom, Prudential Regulation Authority head Andrew Baily said Tuesday.
A decision by the United Kingdom's financial regulator to disclose which banks it is investigating for potential infractions could lead to a slew of legal problems for the agency, say attorneys.
The United Kingdom outlined Monday its plans for a new regulatory agency that will oversee consumer protection regulations and anti-money laundering compliance programs at banks.
The U.S. and Europe issue new sanctions against Iran and Libya, Transparency International calls on Kenya to implement anti-money laundering legislation pending since 2009, and more, in this week's roundup.
A U.K. agency responsible for seizing assets, detecting money laundering and processing suspicious activity reports will be dismantled just four years after it was established, the British government said Monday.