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
"cheeki kea you are spot on. It won't be until the elephant on Wall Street is as high as the…"
"Greetings and welcome to you Gordon it's great to have you join us all here."
"For those trapped in mass formation the ugly truth and all the clues will not be realised until the…"
Dare to Dream/Dare to Build
As we enter the month of Av we intensify our traditional mourning for the Holy Temple, but are we really in touch with what we are mourning for? Are we ready...
"The Chinese sent more than 100 thousand visitors to the US after the failure of the Wuhan lab to…"
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network