Money Laundering Bulletin - Spring 2014

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In This Issue:

- UK.

- News.

- UK Court Proceedings & Enforcements Action.

- International.

- News.

- International Enforcement Action.

Excerpt from Money laundering cases surge after crackdown:

Accountancy firm BDO have prepared a report analysing the amount of fraud cases in the UK worth over £50,000. BDO’s research details that:

- Reported Money laundering related to fraud offences has surged by 309% to £288m;

- Fraud in Financial Services now accounts for 51% by value of all UK reported fraud; and

- There has been an increase in legislation and compliance in Financial Services driving the increase in reported fraud.

Kaley Crossthwaite, Head of Fraud at BDO, commented that the rise in reported cases of money laundering must be, in part, down to the “demand for transparency in the financial services sector.” BDO suggest that the call for greater transparency is being driven by the increased regulation and compliance of the financial services sector by the FCA and the PRA.

Please see full Bulletin below for more information.

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Topics:  Anti-Money Laundering, Enforcement Actions, Fraud, Money Laundering, UK

Published In: Business Torts Updates, Criminal Law Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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