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36% of UK Firms in Emerging Financial Sectors Report Money Laundering and Financial Crime Incidents

Money Laundering36% of UK Firms in Emerging Financial Sectors Report Money Laundering and Financial Crime Incidents

A recent survey has revealed that 36% of firms in the emerging financial sectors of the UK have experienced instances of money laundering or financial crime in the past six months. The banking sector has been particularly affected, with 42% of banks acknowledging being victims of such crimes during this period. The survey, conducted by SmartSearch, collected insights from compliance decision-makers across various sectors, including banking and property development.

Of the participants, 41% reported an increase in attempts at financial crime over the past year, but the majority felt that there had been no significant change in the frequency of these criminal activities over the year. The findings have raised concerns about the growing risk of money laundering and financial crime, not only to businesses but also to the wider public and the economy.

 

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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