TI contributes to NRA: TI has published its submission to Treasury on the UK's national risk assessment (NRA) on terrorist financing and money laundering. Its main criticism is that, despite the money put into detecting, pursuing and deterring illegal capital flows, the UK still lacks effective measures to achieve these aims. TI has many criticisms of the UK regime, including:

  • a relatively slow sanctions regime;
  • high legal barriers to a successful restraint order;
  • relative lack of coordination of law enforcement;
  • limited resources for expensive investigations;
  • low risk appetite due to the risk of legal damages claims against the authorities;
  • a disparate regulatory framework for anti-money laundering (AML) and wide variation in enforcement of AML regulations;
  • regulatory weaknesses in non-banking sectors and widespread shortcomings of AML procedures (including in the banking sector but possibly worse in others);
  • very low Suspicious Activity Report (SAR) filing by gatekeeper sectors; and 
  • lack of personal responsibility for money laundering failings.

It makes several recommendations for improvement. (Source: TI Contributes to NRA)