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FCA dropped half of its criminal money laundering cases in 2020, FT

The UK’s Financial Conduct Authority (FCA) has dropped half of its criminal probes into alleged violations of money laundering rules since the beginning of the year and has yet to bring a single prosecution of the crime, the Financial Times reported Monday.

FCA dropped half of its criminal money laundering cases in 2020, FT
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  • Shared by KYC360
  • September 15, 2020
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Citing data obtained via a freedom of information (FOI) request, the newspaper found that, since January, the FCA has suspended seven of its 14 criminal investigations into suspected breaches of money laundering regulations, including two “dual-track” cases that could have resulted in either criminal or civil proceedings and five “single-track” probes that focused solely on criminality.

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