Britain's major banks remain vulnerable to being used to fund terrorism and money laundering by criminal gangs
Major banks still vulnerable to money laundering, says top regulator
Britain's major banks remain vulnerable to being used to fund terrorism and money laundering by criminal gangs, despite being fined billions of pounds in recent years for failing to crackdown on illegal financing.
The Financial Conduct Authority (FCA) warned that its analysis of 17 banks found that half, including four major UK lenders, still did not have proper processes and procedures for ensuring they were not involved in facilitating money laundering.
Tracey McDermott, head of enforcement at the FCA, said that banks’ “trade finance” businesses remained particularly vulnerable to abuse by criminal and terrorists and that in some cases the shipments being funded by lenders were just “fresh air”.
“Some banks have a lot of work to do to raise their game to the best of their peers,” said Ms McDermott.
Martin Wheatley, chief executive of the FCA, warned that organised criminal gangs “filtered, cleaned and rebottled” £10bn in the UK every year, using banks and other financial services.
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
Peter Sellers - The Party (opening scene)
HQ HD "Does that include television sir ?" ... is still the best trolling paradigm in a movie.Support this channel: https://www.patreon.com/MusicPoints#Pet...
"Cheeki kea, I pray that the insanity doesn't deepen and there's been an attack by some 18…"
Disgraced Former CNN Anchor Don Lemon Arrested
No longer an employed journalist, Don Lemon had been seen with far left agitator, Nekima Levy…See More
"Good poem for these times. I think it's only going to get worse though as we enter into the…"
Our Crazy Modern World
I'll be your host tonight in our first episode of "Our Crazy Modern World". Join us now!Apparently…See More
"What a bummer. Can't tell thie 'dead' guy to eat shit now."
2DF36465-A826-443C-A3A8-6638BC1D4FFA
"Venezuela under Chavez had cut ties with the IMF and World Bank. He had suggested that the US had…"
G_LrzqtXMAAhT7w
"Derelict of duty should be reason for removal of these judges. That would go against what is in…"
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network