FCA: CASH-BASED MONEY LAUNDERING AND THE POST OFFICE

On 24 April, the FCA in the UK published a news release on reducing money laundering through cash deposits via the Post Office and its current expectations of firms’ controls. 

https://www.fca.org.uk/firms/financial-crime/cash-based-money-laundering

On 24 April, the Solicitors Journal reported that the FCA had published a set of new measures on 24 April to reduce the risk of cash-based money laundering through the Post Office.  The strengthened controls have been developed by the regulator, industry, government and the National Economic Crime Centre (NECC).  The NECC estimates that hundreds of millions of pounds are laundered through the Post Office’s cash deposit channel each year.  The FCA has also published guidance on cash-based money laundering.

https://www.solicitorsjournal.com/sjarticle/financial-regulator-sets-out-measures-to-reduce-risk-of-money-laundering-through-the-post-office

https://www.buymeacoffee.com/KoIvM842y

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 View all posts by raytodd2017