Anti-money laundering laws should be streamlined and strengthened to help law enforcement agencies to focus on serious crime, say the Law Commission. Money laundering is estimated to cost every household in the UK £255 a year and allows criminals to profit from their crimes. It is widespread, with between 0.7 and 1.28% of annual European […]

  The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls, since they are at risk from those seeking to launder the proceeds of crime […]

The amendments to the Proceeds of Crime (Jersey) Law, approved by Jersey’s government on 26 June, are designed to ensure Jersey complies with the recommendations highlighted in the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (Moneyval) report, published in 2016. Overall, the two amendments (see […]

On 1 January 2017, the Czech Republic implemented the 4th Anti-Money Laundering EU Directive in doing so adopted the principle of active participation of banks as obliged entities in the prevention of, and fight against, not only money laundering and the financing of terrorism but also against the financing of weapons of mass destruction. The […]