Foreign Money Laundering Inquiries to UK Leap

  • Mike Harris, Financial Crime Director at LexisNexis Risk Solutions

  • 16.06.2017 07:30 am
  • undisclosed

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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