AML

Looking into The Future: The UK’s Response to Novel Financial Crime Risks

About the presentation

The UK’s response to financial crime is marked by a paradox. On the one hand, its anti-financial crime regime has scored highly in the Financial Action Task Force’s mutual evaluation review in late 2018. On the other hand, hundreds of billions of pounds are laundered through the UK annually by the UK government’s own estimation. In addition to traditional money laundering vulnerabilities such as those related to luxury real estate, the UK’s global interconnectedness means that technology-driven, internet-facilitated financial crime risks cannot be overlooked. They range from the use of the UK’s banking system and FinTech sector to launder the proceeds of cybercrime to money laundering through virtual assets or online gambling. This presentation will provide an overview of those risks and UK policy responses to them based on the findings of a two-year research project.

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