Posted by Dave on

Chasing Financial Crime

Chasing Financial Crime

I am working up another article on Corruption and had cause to look at how the private sector is pursued. The answer is by public sector bodies who produce reports on how effective they are. Here are my links and notes.

  1. UK Financial Conduct Authority (FCA) Criminal Prosecution Powers, from King & Spalding, explains why FCA prefers regulation rather than prosecution, mainly cost, effort and delay. I note that
  2. Financial Conduct Authority Announces Its First Criminal Prosecution Under The UK Money Laundering Regulations, noting the FCA’s first criminal prosecution, it was founded in 2010.
  3. Corruption Enforcement Tracker, from Simmons and Simmons, contains a list of prosecutions
  4. https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/bribery-corruption-and-sanctions-evasion?view=category&id=15
  5. https://www.nationalcrimeagency.gov.uk/who-we-are/publications/546-national-crime-agency-annual-report-and-accounts-2020-21/file
  6. https://www.financeuncovered.org/
  7. The devastating Chatham House report, UK’s Kleptocracy problem, 03 global money laundering capital

… according to Finance Uncovered, an investigative journalism training and reporting project, the NCA’s Financial Intelligence Unit only has 118 employees to scrutinize SARs. Moreover, we understand that dozens of posts remain unfilled as the NCA continues to lose staff to a private sector which pays a premium for employees who have worked for regulatory and enforcement bodies.

It also points at,

 


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