Many of these investigations are using both our civil and criminal powers under the Financial Services & Markets Act and the MLRs 2017. The action follows the significant risks posed by money laundering activities, which undermine the integrity of the UK financial system.
FCA’s specialists have considered nearly 150 referrals and taken action on over 70 cases. This has been achieved by using intelligence from a variety of sources, including whistleblowers and law enforcement partners, plus information identified through its own supervisory work, and self-reporting by companies.
The authority indicated that its ‘increase in the number of investigations’ was linked to its new approach of opening investigations earlier and more quickly in cases where it suspects serious misconduct.
Moreover, the authority is working closely with the National Crime Agency in response to reporting about the ‘Russian Laundromat’ and has sought additional information from a number of companies.
The authority’s enforcement action and approach towards AML are out lined in its recently Anti-Money Laundering Report 2017/18 and Annual Report and Accounts 2017/18.
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