Andrew Katzen has been quoted in City AM discussing the FCA’s power to bring criminal prosecutions for breaching the Money Laundering Regulations.
Andrew commented after a Freedom of Information request to the FCA revealed the agency had not brought a single prosecution under new tougher criminal powers to combat money laundering that were introduced in 2017.
The FCA revealed it had interviewed two people under caution and was investigating three people in connection with suspected criminal breaches of the regulations. It also said it was running four dual track criminal / civil investigations into money laundering.
Andrew told CityAM: “The problem is that in making so many public pronouncements about the importance of these powers, if you then aren’t seen to activate them then it may inadvertently send the wrong message.”
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