Don’t look won’t find weaknesses in the supervision of the UK´s anti money laundering rules

Author
Laure Brillaud
Date
30 November, 2015
Type
Publication
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This report by Transparency International UK (TI-UK) assesses the UK´s anti-money laundering systems and identifies the gaps and loopholes that need to be addressed if the UK is to close the door to the billions of pounds in corrupt money coming into the country every year. The reports points in particular at poor oversight, lack of transparency, ineffective sanction mechanisms, lack of safeguards to ensure independence of supervisory bodies.

The research highlights that:

  • A third of banks dismissed serious money laundering allegations without adequate review
  • In the accountancy sector, at least 14 different supervisors have some responsibility – leading to widespread inconsistency and variations.
  • In property, only 179 cases deemed suspicious by estate agents in 2013/14.
  • Just 15 suspicious cases reported through art and auction houses.

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Resources

Don’t look won’t find weaknesses in the supervision of the UK´s anti money laundering rules

Want to know more? Get in touch

Laure Brillaud

Policy Officer – Anti-Money Laundering
lbrillaud@transparency.org