NCA and TI warn of Brexit ML risks

The NCA and Transparency International have warned of the risks Brexit presents of the UK being used as a vehicle for money launderers and corruption. Responding to the NCA’s identification of the risks, TI said:

• the UK should speed up plans to introduce a public register of the real owners of overseas companies that buy British properties and bid for UK government contracts;
• company formation agents that are not registered with a UK AML supervisor should not be allowed to set up companies in the UK;
• Companies House should get the power to identify suspicious activity in the company register;
• British Overseas Territories and Crown Dependencies should all have to meet UK standards of beneficial ownership transparency; and
• generally, the UK AML supervisory system should be consolidated and further reformed.