Source: Fintech Global
RegTech firm Flagright recently described in detail the UK’s regulations on terrorism financing and money laundering.
Money laundering involves concealing funds acquired through illegal means and making them appear legitimate.
In the UK, this is not only a domestic issue but also has international ramifications due to London’s stature as a pivotal financial hub. Various techniques, ranging from layering funds across multiple banks, setting up shell companies, investing in high-value assets, to employing cryptocurrency transactions, are used to launder money.
The effects of money laundering in the UK are profound. It undermines the trust in financial institutions, fuelling other illicit activities like drug trafficking and corruption. The UK faces significant tax revenue losses due to money laundering, impacting public welfare and social programmes. Moreover, the UK’s perceived involvement in such activities can tarnish its global reputation, leading to potential political and economic repercussions…
Read full article: https://fintech.global/2023/08/21/inside-the-uks-battle-against-money-laundering-and-terrorist-financing/
