FCA DUAL-TRACK MONEY LAUNDERING INVESTIGATIONS

On 14th May, Wilmer Hale published an article about one element of a speech by Mark Steward, Director of Enforcement and Market Oversight at the UK FCA.  This concerned the FCA now conducting ‘dual-track’ AML investigations…that might give rise to either criminal or civil proceedings.  It points out that the FCA has not brought a single criminal prosecution under the current regulations, and only a handful under the preceding regulations.  This, it says, begs 2 further questions: is there any real utility to the FCA carrying out dual-track investigations, when the likelihood of a criminal prosecution seems so limited; and ought the FCA to be pursuing these cases criminally at all?  The article looks further into these, and says that Steward’s tacit acknowledgement that the FCA’s criminal powers have been underused raises a further, interesting thought: ought the FCA to be pursuing systemic money laundering failings by way of a criminal action at all?  It argues that Steward appears to be saying that money laundering offences are in some way morally incumbent upon the FCA to pursue them by way of a criminal, rather than a civil action.

https://www.jdsupra.com/legalnews/dual-track-money-laundering-51593/?

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s