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Anti-money laundering in the United Kingdom: new directions for a more effective regime

Pontes, R; Lewis, N; Craig, P; (2021) Anti-money laundering in the United Kingdom: new directions for a more effective regime. Journal of Money Laundering Control 10.1108/JMLC-04-2021-0041. (In press). Green open access

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Abstract

Purpose: This paper aims to provide a more nuanced understanding of the effectiveness of the anti-money laundering (AML) regime in the UK and explore opportunities to improve policy and performance. Design/methodology/approach: Qualitative research design using semi-structured interviews and a focus group with practitioners from both public and private sectors. Findings: This paper identifies preventive measures are underfunded by the public sector; there is a disconnect between the regulatory requirement and the regulators’ supervisory approach leading to the ineffective application of the risk-based approach; and authorities have limited ability to stop low-utility reports. Increased collaboration across institutions and sectors, better utilisation of innovative technologies and a sustainable funding plan are needed to drive a collective response to money laundering. Research limitations/implications: Few practitioners in the industry have the knowledge and expertise to discuss the topic at a strategic level and participants were limited (n = 8). Practical implications: This paper adds to the growing corpus of research showing that the AML regime in the UK is ineffective and needs reform. Social implications: This paper encourages practitioners to improve the AML regime, this research contributes to the reform of the existing measures against financial crime. Originality/value: This paper presents new data from AML practitioners to provide a better understanding of the limitations of the AML regime in the UK.

Type: Article
Title: Anti-money laundering in the United Kingdom: new directions for a more effective regime
Open access status: An open access version is available from UCL Discovery
DOI: 10.1108/JMLC-04-2021-0041
Publisher version: https://doi.org/10.1108/JMLC-04-2021-0041
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: money-laundering, financial crime, economic crime, organised crime, effectiveness, compliance
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Security and Crime Science
URI: https://discovery.ucl.ac.uk/id/eprint/10133296
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