UK asks banks for feelgood stories about keeping out dirty money
Summary
The UK government is asking banks and lawyers to share real examples of how they stopped dirty money from entering the country. This effort aims to show that the UK is improving its controls against money laundering and financial crime before an important international review in 2027.Key Facts
- The UK government wants stories from 2022 onward about refusing or stopping high-risk clients to prove money-laundering controls work.
- In 2018, a global watchdog called the Financial Action Task Force (FATF) gave the UK a poor assessment on fighting financial crime.
- The FATF will review the UK in 2027 and visit in 2025 to check how well the country prevents money laundering and terrorist financing.
- The National Crime Agency estimates around £100 billion is laundered through the UK every year.
- UK financial and legal services have been used by criminals involved in fraud, drug trafficking, and human trafficking.
- The UK legal sector is marked as “high risk” for money laundering by national assessments since 2017.
- New threats include AI-driven fraud and cryptocurrencies, which can hide where money comes from.
- The government has increased funding and enforcement efforts to fight economic crime and is working closely with industry before the FATF review.
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