Recent high-profile action taken by the Financial Conduct Authority (FCA) against NatWest could be an indication of how an EU-independent UK responds to international pressure to make inroads against financial crime.
Sebastian Sayer, a barrister and senior associate at Fox Williams and a former prosecutor at the FCA, noted the current shadow cast by the Financial Action Task Force (FATF) over the UK’s AML regime.
“There have always been potential criminal offences that could be investigated and prosecuted as criminal cases,” he told VIXIO.
“I think it in part relates to the FATF review that happened a number of years ago, and the UK’s general response to money laundering. One of the things the FATF review noted was these kinds of offences and the potential lack of criminal investigations and prosecutions.”
This article was first published in Vixio on 23 March 2021. Registered users can click here to read the article in full.