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Payments firms face UK crackdown over safeguards for customers

The City regulator has warned non-bank payments businesses that serve millions of consumers and small businesses that they face a crackdown over a series of failings. The Financial Conduct Authority told chief executives of regulated payment service providers and electronic money businesses that they must strengthen the way in… Read More

Russia to hit UK with retaliatory sanctions after Raab announces Magnitsky Act-style measures

The Kremlin has said it will impose retaliatory sanctions on the UK after Dominic Raab announced Magnitsky Act-style measures against individuals in Russia, Saudi Arabia, Myanmar and North Korea. Britain’s post-Brexit sanctions, which are designed to stop the laundering of “blood money”, targeted 20 Saudis and 25… Read More

Will the e-money boom make the UK a hub of money laundering?

By David Leask and Richard Smith, openDemocracy, 8 July 2020 openDemocracy – COVID is killing cash. Even as lockdowns loosen, consumers are turning away from notes and coins like never before. A survey in April found four out of five Britons – many forced to do all their shopping online… Read More

9th July 2020

Crypto stablecoins face increasing regulatory scrutiny

Tether and other so-called cryptocurrency stablecoins have long flown under the radar of international regulators. That’s about to change. The Financial Action Task Force, with members from about 200 countries who recommend ways to stop money laundering and the financing of terrorism, said in a report Tuesday that stablecoins… Read More

9th July 2020

Suspicious U.K. trading alerts plunge as dealers work from home

London’s lockdown led to a plunge in tips to Britain’s markets watchdog. With traders working from home, reports of suspicious transactions and possible abuse fell in April to their lowest level since current regulations took effect in 2016, according to data obtained by Bloomberg News through a public-records request. “As… Read More

8th July 2020

UK imposes sanctions against human rights abusers

The UK is imposing sanctions on 49 people and organisations behind the most “notorious” human rights abuses of recent years. Individuals implicated in the death of Russian lawyer Sergei Magnitsky in 2009 will have their UK assets frozen and banned from entering the country. And Saudi Arabian officials involved in… Read More

7th July 2020

Wirecard was focus of ‘laundering’ warning to Mastercard executives

Mastercard was warned about Wirecard’s links to an alleged laundering network in 2016, The Times can reveal. The payments group was handed details of Wirecard’s alleged links to a scheme that used bogus online stores to disguise the processing of high-risk payments, and Mastercard executives privately admitted to concerns about… Read More

7th July 2020

UK Export Finance ‘took year to flag corruption’ at Airbus

Campaigners say a government agency faces “serious questions” after it emerged that officials took more than a year to flag evidence of corruption at Airbus to the Serious Fraud Office. Officials at UK Export Finance (UKEF) received emails suggesting the planemaker may have paid $17 million to the wife of… Read More

7th July 2020

India to register another money-laundering case against Sanjay Bhandari

The Enforcement Directorate has initiated the process of registering another money-laundering case against middleman Sanjay Bhandari and others. It is related to an alleged illegal consultancy agreement with Samsung Engineering Co. Limited (SECL) to help the company get a project worth ₹6,744.32 crore in Gujarat. Last month, in the same… Read More

7th July 2020

Governments look to private sector in fight against financial crime

Private-sector institutions that facilitate the flow of money across the global financial system are often best placed to detect when the system is being abused by criminals. But the sheer volume of data banks collect can make screening for financial crime difficult. Mariano Federici, the former head of Argentina’s Financial… Read More

6th July 2020

UK to impose sanctions independently for first time, targeting Russians and Saudis

Britain will later impose sanctions independently for the first time on dozens of individuals accused of human rights abuses around the world. Foreign Secretary Dominic Raab will launch the government’s new post-Brexit sanctions regime by naming the first violators to have their assets frozen. In the past, Britain has almost… Read More

3rd July 2020

FCA was told last year about Wirecard ‘link to laundering’

The City regulator was warned last year that Wirecard was allegedly linked to a scheme that used fake online stores to disguise the processing of high-risk payments. The Financial Conduct Authority was given details of an operation whereby allegedly bogus ecommerce sites were used as a front for channelling online… Read More

2nd July 2020

Suspicions of Russian bounties were bolstered by data on financial transfers

Analysts have used other evidence to conclude that the transfers were most likely part of an effort to offer payments to Taliban-linked militants to kill American and coalition troops in Afghanistan. American officials intercepted electronic data showing large financial transfers from a bank account controlled by Russia’s military intelligence agency… Read More

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Payments firms face UK crackdown over safeguards for customers