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

Rafael Pontes, Nick Lewis, Paul McFarlane and Patrick Craig

Journal of Money Laundering Control, 2021, vol. 25, issue 2, 401-413

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.

Keywords: Effectiveness; Compliance; Financial crime; Organised crime; Money-laundering; Economic crime (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2021-0041

DOI: 10.1108/JMLC-04-2021-0041

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