A recent survey by SmartSearch reveals that only 25% of regulated firms consistently check new customers against sanctions or Politically Exposed Person (PEP) lists, marking a significant decline from the previous year when 73% adhered to strict screening procedures. The decline in compliance is concerning, particularly given the recent global geopolitical tensions. The UK government estimates that money laundering costs the UK economy over £100 billion annually, and financial crime is estimated to be two to five percent of global GDP by the International Monetary Fund.
The legal sector, previously showing an 84% commitment to always performing checks, has dropped to 24% in 2023. The financial services sector has also seen a decline from 66% to 22%, and estate agents from 37% to 24%. SmartSearch emphasizes the need for robust compliance processes to avoid substantial fines associated with breaches of financial sanctions, which can go up to £1 million under the Economic Crime Act.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}