Online casino fined £3 million for "systemic" AML failings
Chambers and Partners, 2019
Ensuring that the UK financial system is an increasingly hostile environment for illicit finances, particularly in the light of the UK’s withdrawal from the European Union is a key government priority.
As well as the criminal authorities, regulators, such as the Financial Conduct Authority (FCA) and Solicitors Regulatory Authority also investigate anti-money laundering procedures and whether such procedures are adhered to.
With the advent of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) regulators are ramping up their supervision and enforcement action to ensure professional body AML supervisors provide consistently high standards of AML supervision.
The NCA has confirmed that it is increasingly focusing on “high end” money laundering which arises from major frauds and international corruption, where the raw product of the offending is electronic and cash is only used further along the laundering process. In order to disguise the source of funds criminals need professionals and businesses to make the necessary arrangements. Lawyers, trust and company formation agents, investment bankers and accountants are among those at greatest risk of becoming involved, either wittingly or unwittingly in high end money laundering.
This can have regulatory and criminal law consequences.
Kingsley Napley represents both individuals and organisations in a wide range of money laundering related matters. Our clients include professional services firms, money laundering officers, and individuals and organisations caught up in money laundering investigations both criminal and regulatory.
The UK’s anti-money laundering legislation is extensive and complex and reaches into many areas of business and commercial life.
For more information please contact our specialist money laundering regulations and compliance solicitors.
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Legal 500 UK 2020
Outstanding practice which frequently defends corporate entities and high-profile individuals in restraint and money laundering matters."
Chambers UK 2017
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