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Account Freezing Orders – challenging the National Crime Agency’s weapon of choice

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On 6th December 2019

Earlier this week in an article about Anti Money-Laundering risk in the property sector I broke down the figures from the National Crime Agency’s Financial Investigation Unit (NCA) (FIU) report into Suspicious Activity Reports and Defence Against Money-Laundering (DAML) requests for the period 2018/19.

In highlighting that £55m of the £131m restrained/seized/frozen by UK law enforcement after DAML requests had come as a result of Account Freezing Orders (AFOs), I commented:

‘The FIU report is the first one where the provisions of the Criminal Finances Act 2017 have had a significant impact on the headline figures’.

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Financial Conduct Authority reluctantly accepts responsibility for cryptocurrencies

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On 3rd December 2019

The Financial Conduct Authority (FCA) is the UK’s primary conduct regulator for the financial services sector and derives its regulatory and enforcement powers from the Financial Services & Markets Act 2000. Cryptocurrencies, such as Bitcoin and Etheurem, exist only electronically and use a peer-to-peer system supported by blockchain technology for onward transfer.

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Estate Agents and AML compliance: cause for alarm?

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On 2nd December 2019

The National Crime Agency’s Financial Investigation Unit (FIU) report in to Suspicious Activity Reports (SARs) and Defence Against Money-Laundering (DAML) requests for the period 2018/19 was published recently. It makes for fascinating reading, especially coming so soon after the Transparency International Report (TI) setting out the influx of £4bn in ‘suspect’ funds into the UK.

The FIU report is the first one where the provisions of the Criminal Finances Act 2017 have had a significant impact on the headline figures.

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£300bn of suspect funds in London reveals farce of FATF’s 2018 UK assessment

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On 29th October 2019

Transparency International (TI) UK’s report into £300bn of suspect funds in London reveals farce of the recent Financial Action Task Force’s UK assessment. Today’s TI UK report reveals what everyone in the UK has known for years: that the UK and, in particular the London property market and private schools, are a magnet for the ‘washing’ of illicit funds. The numbers are still pretty staggering though, with 421 houses worth £5bn and money funnelled through 327 private schools.

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