The UK is making it harder for terrorists and criminals to move
money through its banks and businesses by today (26 October
2017) publishing new
information on the best way for organisations to protect
themselves against illicit financing.
The second ‘National risk
assessment’ into money laundering and terrorist
financing builds on successful government action in this area
over recent years. It uses the lessons learnt from these actions
to create a comprehensive risk assessment, which can be used by
government, law enforcement and the private sector, to bolster
their protections.
Key findings identified by the report include:
- the criminal exploitation of banks, professional and
financial services and cash remain the greatest areas of money
laundering risk to the UK
- cash remains the favoured method for terrorists to move funds
through and out of the country
- a wide-ranging set of reforms by government, like introducing
the ability to investigate suspicious asset trails, to crack down
on illicit finance over recent years are starting to take effect
By examining how criminals attempt to move illicit funds through
the UK, this report underlines the risks and pinpoints areas
where businesses may be currently vulnerable. It informs the
government, businesses and law enforcement agencies on how best
to plug these gaps.
It advises on which services or products criminal groups are
currently exploiting, enabling organisations to strengthen their
efforts to shut this activity down. It will also help law
enforcement allocate resources to the most significant threats.
The vast majority of firms are already vigilant but this
information will shape future risk assessments so they can
continue to better protect themselves against threats.
The Economic Secretary to the Treasury, , said:
This country has done more to put a stop to money laundering
and terrorist financing than any other in the world, but we are
not complacent as there is always more we can do.
Our record is strong and we are already seeing threats foiled
due to the action we’ve taken.
Today’s report makes it clear to criminal groups that the UK
will never be an easy target and won’t tolerate this activity.
Security Minister, MP said:
We will not stand by and allow criminals and the corrupt to use
the UK to launder and hide their dirty money.
It is essential that we know what the risks to the UK are,
which is why we are publishing the second national risk
assessment of money laundering and terrorist financing which
names a number of jurisdictions whose financial systems are
linked to the UK and are at risk of abuse by criminals.
This assessment will help law enforcement agencies and industry
take the necessary action against those threats.
Serious and organised crime costs Britain tens of billions of
pounds every year and working with the private sector by sharing
information and best practice remains vital to addressing this
abuse, making it harder for criminals to operate in the UK.
