Background

Criminals, terrorists and fraudsters are targeted by various pieces of legislation that all impact upon the day-to-day activities of firms in the financial services and insurance sectors. The law imposes duties on firms with the objective of minimising financial crime.

The enforcement of the law is undertaken by various agencies, including in large part the Financial Conduct Authority, HMRC, the Solicitors Regulatory Authority and Accountancy supervisory bodies.

From drug dealing to tax evasion, the law is designed to catch out those who are breaking the law and benefiting from the proceeds of crime.

Regulators are working together more closely than ever under the Serious Organised Crime Strategy, launched in 2012.

Types of Financial Crime

The main types of financial crime that require legislation are as follows:

• Money laundering.
• Terrorism funding.
• Bribery
• Fraud
• Corruption