Foreign Money Laundering Inquiries to UK Leap

Foreign Money Laundering Inquiries to UK Leap

Mike Harris

Financial Crime Director at LexisNexis Risk Solutions

Views 439

Foreign Money Laundering Inquiries to UK Leap

16.06.2017 07:30 am

While financial crime continues to be a significant concern, these figures show substantially more is being done today to halt its advance than in previous years. In particular, as the number of enquiries relating to foreign investigations into money laundering have risen, cross-border collaboration and information sharing between institutions outside of the UK have also soared. Recent developments, such as the formation of the Joint Money Laundering Intelligence Taskforce (JMLIT), have nurtured a new wave of collaboration between financial institutions and law enforcement agencies across Europe. This has helped banks, law enforcement agencies and regulators to focus their resources more acutely to reduce crime and identify more criminals. Therefore, increased information requests is not a sign of the market failing, but of the market moving in the right direction.

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