Financial crime

There is no doubt that financial crime remains at the forefront of the international agenda.
The Financial Action Task Force (FATF) continue to examine and develop global measures towards the prevention of financial crime, including money laundering and the financing of terrorism.
At a European level, the Fourth Money Laundering Directive is seen as a major step forward by the EU in improving the effectiveness of the efforts to combat money laundering and terrorist financing activities. In the UK, the Treasury and the government have further pledged their commitment to combat financial crime.
A UK regulated firm is now subject to more scrutiny than ever on the effectiveness of their systems and controls  for the prevention of financial crime.  The FCA have once again included Financial crime and Anti-Money Laundering amongst their top priorities in this year’s Risk Outlook and Business Plan. The recent Annual Anti-Money Laundering report further stressed the FCA’s objective of ensuring that financial crime controls within firms are proportionate and effective, but also allow firms to operate efficiently within the market place. Over the last 24 months we have also seen a large increase in the number of Skilled Persons reviews  issued by the FCA and PRA in respect of deficiencies in financial crime systems and controls.
Now more than ever it is essential that financial crime remains top of your agenda.

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