FT Adviser – UK money laundering landscape needs less talk and more action

On March 15 2022 the UK’s Economic Crime (Transparency and Enforcement) Act 2022 received Royal Assent.

At the time, the government announced the act would provide the legislative power needed for the UK government to respond to the Russian invasion of Ukraine. Specifically, it ensured Russian oligarchs with financial links to the UK could be sanctioned.

While this stands true, the reality is that the legislation was not initiated in response to the invasion. Rather, the origins of the act can be traced back to December 2019 when the Treasury Committee flagged serious concerns over the state’s ineffectiveness in tackling economic crimes.

Read the full story here.

By The Armalytix Team — 25 July 22
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