The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Officials Concerned about the Russian Money Laundering Done Through the UK

russian

The top officials in the UK have shown their concerns about the disturbing regularity of the Russian money-laundering crimes done in London. After monitoring the economic crimes, they have revealed that more than half of the money laundering crimes in the UK are done from Russia. 

Director-General of the National Economic Crime Centre, Graeme Biggar, has told that it is easy to start companies in the UK. Laundromats are being used for money laundering purpose and exploiting the corporate structure of the country to launder billions of dollars.

Economic Crime Centre was set up to work with agencies like the National Crime Agency, Financial Conduct Authority, and City Police. A report was released by Westminister’s Intelligence and Security Committee report was released by that highlighted the UK’s role in dealing with the money laundering crime from Russian crime networks. 

The report said, “the arrival of Russian money has resulted in a growth industry of enablers – [British] lawyers, accountants and estate agents have all played a role.”

Biggar spoke at Wesminister’s Treasury Select Committee and said, “We’ve done analysis recently in laundromats that have come out of Russia and the former Soviet Union. A disturbing proportion of money that comes out of those laundromats – not much shy of 50 per cent in one case – were laundered through UK corporate structures. Not through the UK or UK financial institutions…but corporate structures that have been set up through UK systems.”

Transparency International, an NGO agency for tracing the corruption said it has identified properties bought from suspicious funds and it worths more than £5bn. According to their report, one-fifth of these suspicious properties were bought from Russian funds. Angela Mclaren, the Assistant Commissioner at the Financial Crimes Department in the City Police, was also criticized for low arrest rate regarding the financial crimes. 

Related Posts

News

Updated AML Regulation for Australian Digital Currency Exchange

The attorney-General proposed changes to AML/CTF frameworks in April 2023. The Australian Governm...

Updated AML Regulation for Australian Digital Currency Exchange Explore More

News

COVID-19 has Made Cybercrime More Structured

During the COVID-19 pandemic, there has been immense growth in the opportunities for cyber-relate...

COVID-19 has Made Cybercrime More Structured Explore More

News

Russians Approach UAE’s Crypto Firms in Search of Safe Havens

The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

News

PayPal Announces Suspension of UK Crypto Purchases from October

PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...

PayPal Announces Suspension of UK Crypto Purchases from October Explore More

News

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures

Transactive Systems Ltd., which processed more than €1 billion of payments every month, has had i...

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures Explore More

News

Dubai Sets up Special Court to Tackle Money Laundering

The new court of law has been established to combat money laundering and related financial crimes...

Dubai Sets up Special Court to Tackle Money Laundering Explore More

News

UAE Imposes Strict Penalties for AML and CFT Failings

The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...

UAE Imposes Strict Penalties for AML and CFT Failings Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

A Trust Company Penalised for Opening a Doorway to Money Laundering

A team of accountants and economists have been fined by a court in Channel Island for neglecting ...

A Trust Company Penalised for Opening a Doorway to Money Laundering Explore More

News

Crown Casinos Fined $450 Million for AML Failures

Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

Crown Casinos Fined $450 Million for AML Failures Explore More

News

Cabinet Pressurizing BVI to Improve its Financial Laws

Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...

Cabinet Pressurizing BVI to Improve its Financial Laws Explore More

News

One Million Student Records Compromised by E-Learning Sites

About one million online student records that contain personal information of students have been ...

One Million Student Records Compromised by E-Learning Sites Explore More

News

The UK Introduces Beneficial Ownership Register for Overseas Entities

The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

News

Newsman arrested for credit card theft

A Newport Newsman was arrested due to credit card and identity theft allegations. The arrest was...

Newsman arrested for credit card theft Explore More

News

FATF to Blacklist Myanmar Over Money Laundering Concerns

Myanmar faces a blacklisting threat by a FATF because of AML compliance failure and weak regulati...

FATF to Blacklist Myanmar Over Money Laundering Concerns Explore More

News

SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million

The Solicitors Regulation Authority [SRA], India’s Financial Intelligence Unit [FIU], and t...

SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million Explore More

News

Scammers Set to Defraud this Holiday Season, FBI Warns!

This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

News

EU, UK and US Blame Russia for Cyberattacks on Internet Service Providers

Accusations were imposed on Russia due to the recent disastrous cyberattacks on the European sate...

EU, UK and US Blame Russia for Cyberattacks on Internet Service Providers Explore More

News

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts

The man suspected of stealing other’s identities to create online gambling accounts has finally b...

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts Explore More

News

Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA

FCA has labeled crypto as the top sector for financial scam warnings in the UK.  As of now, there...

Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA Explore More

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal

The chief executive of Westpac Banking Corporation, Brian Hartzer, has resigned and the chairman ...

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal Explore More

News

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

The UK declared a new sanction regime against financial crimes like money laundering. According t...

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime

The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling busi...

MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime Explore More

News

American Gaming Association urges policy change on digital payments

The result of a year and half of work, the American Gaming Association has suggested a set of upd...

American Gaming Association urges policy change on digital payments Explore More

News

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

News

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

News

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

The Treasury Inspector General for Tax Administration released an interim filing season report on...

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

News

Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion

Kenyan authorities have frozen accounts containing Sh45 million belonging to two Nigerian compani...

Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion Explore More

News

Singapore Proposes Additional AML/CFT Requirements for FIs

Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...

Singapore Proposes Additional AML/CFT Requirements for FIs Explore More

News

Vietnam Collaborates with UK to Enhance AML Law Enforcement

The Vietnam Ministry of Public Security delegation, led by Deputy Minister Lieutenant General, Le...

Vietnam Collaborates with UK to Enhance AML Law Enforcement Explore More

News

BitMEX Founders Admit Violating Anti-Money Laundering Regulations

Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

News

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships

The global crypto exchange Binance has announced that it will strengthen its KYC controls & s...

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships Explore More

News

FATF Examines Technology use in Making AML/CFT More Effective

FATF has recognized the importance of combining human input and manual review with automation for...

FATF Examines Technology use in Making AML/CFT More Effective Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

News

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai

An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai Explore More

News

Garantex Sanctioned by the US for Laundering Over $100 Million

The US Treasury Department has sanctioned the virtual currency exchange Garantex for facilitating...

Garantex Sanctioned by the US for Laundering Over $100 Million Explore More

News

WHO Warns about Online Job Scams during COVID-19 Pandemic

A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

News

FATF issues new guidance on Digital Identity systems

A guidance paper has been issued by the Financial Action Task Force (FATF) to assist governments,...

FATF issues new guidance on Digital Identity systems Explore More

News

Switzerland Falls Behind in the Fight Against Money Laundering

The Parliament of Switzerland has voted against the requirement of performing due diligence on la...

Switzerland Falls Behind in the Fight Against Money Laundering Explore More

News

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts

The man suspected of stealing other’s identities to create online gambling accounts has finally b...

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts Explore More

News

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns

According to the US Ambassador to Cyprus Judith Garber, Cyprus has shown progress in dealing with...

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns Explore More

News

Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft

Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...

Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft Explore More

News

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

News

Estonian Government to Strengthen AML Framework to Lift Crypto Ban

The Estonian Finance Ministry drafted AML amendments that will affect virtual asset service provi...

Estonian Government to Strengthen AML Framework to Lift Crypto Ban Explore More

News

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

News

FATF to Blacklist Myanmar Over Money Laundering Concerns

Myanmar faces a blacklisting threat by a FATF because of AML compliance failure and weak regulati...

FATF to Blacklist Myanmar Over Money Laundering Concerns Explore More

News

N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls

The central bank of Italy has banned German digital bank N26 from onboarding Italian customers af...

N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls Explore More

News

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering

The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering Explore More

News

Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report

According to the Police, 725 cases of investment scams occurred within the first seven months of ...

Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report Explore More

News

UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators

The report covers crucial aspects of crypto regulation, aiming to foster growth in the sector wit...

UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators Explore More

News

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

News

Singapore Scammers Launder Money Through Online Gambling

Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

Singapore Scammers Launder Money Through Online Gambling Explore More

News

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks

AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks Explore More

News

El Salvador Must Address Bitcoin’s Risks, Demands IMF

The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

El Salvador Must Address Bitcoin’s Risks, Demands IMF Explore More

News

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

BC has released a money laundering report that carries multiple recommendations and includes the ...

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

News

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide

The Money Laundering Bureau of the US Treasury Department issued the latest guide to assist small...

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide Explore More

News

Vietnam Govt to Introduce Crypto Research Group to Evaluate Policy

Vietnam’s Ministry of Finance has plans of establishing a research group with the aim of studying...

Vietnam Govt to Introduce Crypto Research Group to Evaluate Policy Explore More

News

Singapore Introduces Face Verification for National ID Service

Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

Singapore Introduces Face Verification for National ID Service Explore More

News

UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants

The UAE government is ready to launch a new federal authority to regulate online lottery business...

UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants Explore More

News

AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations

The Anti-Money Laundering Council in the Philippines has frozen the accounts of 16 organizations ...

AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations Explore More

News

Germany to Establish New Regulatory Body to Combat Money Laundering

It has been reported that the German government will create a new regulatory body to combat money...

Germany to Establish New Regulatory Body to Combat Money Laundering Explore More

News

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

News

TD Banking Group Expects US Penalties for Money Laundering

TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

TD Banking Group Expects US Penalties for Money Laundering Explore More

News

Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the curre...

Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures Explore More

News

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures

The Philippine financial system did not comply with international Financial Action Task Force (FA...

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures Explore More

News

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

News

Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities

The US Congress presented comprehensive legislation for the crypto market to redefine workflows a...

Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities Explore More

News

Fraudsters are all set to exploit Black Friday sales. Beware!

Criminals are aware that at this time of the year, shoppers are looking for discounted deals and ...

Fraudsters are all set to exploit Black Friday sales. Beware! Explore More

News

Falklands and Gibraltar Still on Spanish ‘Tax Haven’ List, Says Report

The official Spanish Gazette published a list which consists of Falklands/Malvinas and Gibraltar ...

Falklands and Gibraltar Still on Spanish ‘Tax Haven’ List, Says Report Explore More

News

US Senators Push Congress to Regulate Crypto Amid FTX Turmoil

US senators have urged Congress to regulate cryptocurrencies under current financial regulations ...

US Senators Push Congress to Regulate Crypto Amid FTX Turmoil Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started