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More staff and cash needed

12 December 2018

The UK’s national anti-money laundering unit is understaffed and underfunded, according to the Paris-based Financial Action Task Force.

There are also serious worries about the National Crime Agency’s financial intelligence unit’s lack of personnel and technological capabilities.

The task force suggested that the UK government made a ‘deliberate’ policy decision to limit the role of the unit, despite worries over the growing number of suspicious activity reports. It wasn’t all bad news as the task force liked the establishment of unexplained wealth orders.

This news comes just days after the UK put a stop to the investment visa scheme, over money laundering concerns.

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