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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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