United Kingdom: Financial regulators to clamp down on money laundering with criminal proceedings

Following the recent Natwest money laundering scandal and £264m fine which ensued, the Financial Conduct Authority (FCA) has indicated that they will be considering using criminal powers to investigate and charge similar cases in the future.

The FCA has stated that there while the Natwest incident was the the FCA had applied criminal charges, they are currently investigating two further criminal probes.

This move has come despite concerns that the FCA would not be able to properly investigate cases as it had high levels of job vacancies. Enforcement head, Mark Steward, has confirmed that this will not interfere and cases will be investigated on the basis of their merits.

Read more at ft.com

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