Article: UK faces severe money laundering threats

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UK faces severe money laundering threats

LLB EDITOR , 12 July 2021

Leading UK RegTech specialist SmartSearch has warned the UK could be left behind in the fight against money laundering and financial fraud, if it fails to coordinate with the new agency being formed by the EU.

It has emerged that the European Commission will launch the Anti-Money Laundering Authority (AMLA) as part of a raft of measures contained in its action plan, set to be revealed on July 20.

The AMLA is a dedicated agency working independently of member states’ national authorities, giving it much greater power to identify and act upon significant money laundering threats.

It will also have new powers to fine businesses in breach of regulations up to ten per cent of turnover, and it will be looking at risks from non-EU countries such as the UK.

John Dobson, CEO at SmartSearch which operates both in the UK and the EU, said: “The formation of a dedicated resource to tackle the growing problem of money laundering is a positive step by the EU.

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