Money Laundering Bulletin

The UK's National Crime Agency (NCA) is pursuing disruption of Russian money laundering networks in Britain and overseas, whose funds might help Moscow finance its invasion of Ukraine.

The European Commission, on 3 December, listed Russia as a high-risk third country over deficiencies in its anti-money laundering and counter financing of terrorism regime.

Done Brothers (Cash Betting) Limited, which operates on UK high streets as Betfred, has been ordered to pay UK£825,000 (US$1,100,000) after the UK Gambling Commission found failings in its anti-money laundering controls and approach to social responsibility.

The Basel Institute on Governance has warned that anti-money laundering and counter financing of terrorism and proliferation of weapons of mass destruction (AML/CFT/CFP) performance worldwide is stalling, with some improvements in formerly weak jurisdictions offset by slippage from high standards by the top performers.

Full credit, says Tristram Hicks, to the Financial Action Task Force for producing new guidance on asset recovery, which is very helpful, as far as it goes, but that is far from far enough. Drawing on direct experience of making asset recovery work in the United Kingdom, he suggests how the content should be augmented to become a blueprint for real, demonstrable change.

Financial crime is a multi-trillion dollar problem. The recent AML Intelligence conference on the subject in London heard that criminals are evolving their money-laundering techniques faster than MLROs at financial institutions are countering them, reports Chris Hamblin.

In a final burst of activity, too late to alter government thinking on future anti-money laundering supervision of law firms in England and Wales, the Solicitors Regulation Authority (SRA) levied UK£1.5 million, total, in fines in 86 AML cases in 2024/25, against UK£454,900, in 34 cases, the previous year.

Ineffective anti-money laundering (AML) controls between 1 October 2016 and 1 July 2021 have cost Nationwide - the UK's largest building society, which operates around 10% of retail banking accounts - a £44,078,500 (US$58,951,250) fine by the Financial Conduct Authority (FCA).