The Home Secretary has set out the most significant changes to the UK’s anti-money laundering and terrorist finance regime in over a decade, to make the UK a more hostile place for those seeking to move, hide or use the proceeds of crime or corruption.
Home Secretary Theresa May said: Britain’s world leading financial system is at risk of being undermined by money laundering, illicit finance and the funding of terrorism. The laundering of proceeds of crime through UK institutions is not only a financial crime, it fuels political instability around the world, supports terrorists and extremism and poses a direct and immediate threat to our domestic security and our overseas interests.
This action plan sends a clear message that we will not tolerate this type of activity in our financial institutions. We will forge a new partnership with industry to improve suspicious activity reporting, deliver deeper information-sharing and take joint action on enforcement. And we will act vigorously against the criminals and terrorists responsible, to protect the security and prosperity of our citizens, and safeguard the integrity of Britain’s financial economy.
