FCA launch crackdown on money laundering in wake of Panama papers


The FCA confirmed it has written to a “number of firms” about disclosures in the Panama papers, including those on the regulator’s Systematic Anti-Money Laundering Programme.

A spokesperson said, “We are working closely with a number of other agencies who are also looking at this.

“As part of our responsibility to ensure the integrity of the UK financial markets we require all authorised firms to have systems and controls in place to mitigate the risk that they might be used to commit financial crime.”

The spokesperson added that the FCA has published its annual Business Plan, which identifies financial crime and anti-money laundering activity as one of its priorities for the year.

Other areas of focus include pensions, wholesale financial markets, advice, innovation and technology, the treatment of existing customers and firms’ culture and governance.

John Griffith-Jones, chairman of the FCA said, “We remain determined to ensure that markets work effectively and fairly and, where necessary, we will use our enforcement powers to reinforce our policy objectives and to provide effective deterrence from irresponsible behaviour.”

Tracey McDermott, acting chief executive of the FCA added, “On financial crime, we will continue to actively protect consumers and markets from the criminals who seek to exploit them. We will take tough action against wrongdoers, working closely with industry and law enforcement to do so. We will also take steps to help people to protect themselves against crime through our ScamSmart campaign.

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