AML IN UNITED KINGDOM

Based on data released by the Polish Government, primary sources of illicit funds in Poland encompass activities like organized crime and the evasion of customs taxes. Notably, Polish authorities regard virtual currencies, particularly bitcoin, as a significant and efficient avenue for money laundering within the country. Concurrently, proceeds generated by organized criminal entities in Poland, stemming from tax evasion and the vending of counterfeit goods, are increasingly being funneled through money transfers and intermediaries.

The nucleus of organized crime endeavors in Asia is concentrated within the China Trade Center situated approximately 25 kilometers from Warsaw, specifically in Wolka Kosowska. The fundamental modus operandi of organized crime in Poland revolves around drastically undervaluing imported commodities through the falsification of invoices. These manipulated invoices are then employed to determine the customs valuation and the associated value-added tax (VAT). Furthermore, suspicions have been raised by Polish authorities regarding the presence of counterfeit goods and illicit drug trade in these marketplaces.

There are several organizations established in the UK to combat financial crime. National Crime Agency (NCA) and the Serious Fraud Office (SFO) is the primary national authorities. Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs are responsible for supervising regulated sectors’ compliance responsibilities. Regulators oversee companies’ AML vulnerabilities and require companies to meet AML requirements. It is a criminal offense for businesses to fail to comply with AML compliance. Fines and sanctions are applied to businesses that do not comply with AML compliance.

The United Kingdom established the Joint Money Laundering Intelligence Taskforce in 2014. The Joint Money Laundering Intelligence Task Force (JMLIT) provides information sharing between the private and public sectors, helping to combat money laundering more effectively. This innovative organization, established by the UK to combat financial crimes, has been praised by FATF. JMLIT has detected and prevented a total of 9 million pounds of financial crime since its establishment. JMLIT aims to cooperate with more private and public institutions and prevent more financial crime in the coming years.

Some sectors are seen as high-risk sectors for money laundering. If countries want to prevent money laundering, they must regulate and supervise high-risk businesses. Regulators in the UK considered the following sectors as high risk. AML regulations apply to these sectors. Businesses that fail AML compliance face a risk of penalties.

 Financial institutions

 Credit institutions

 Estate agents

 Casinos

 Auditors

 Company service providers

The United Kingdom has defined financial crimes precisely by law. Money laundering and terrorist financing crimes under the Proceeds of Crime Act 2002 and the Terrorism Act 2000 can be sentenced to up to 14 years in prison, and fraud crimes under the 2006 Fraud Act can be imprisoned for up to 10 years. In addition, businesses that do not carry out AML checks are considered to have helped these crimes. Regulators impose great penalties on these businesses. Businesses that are on the agenda with crime experience a loss of reputation and loss of customer confidence.