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Money laundering through the Post Office targeted by FCA

FCA toughens safeguards against Post Office money laundering; global AMF guidelines published.

Mariya Pattara
April 28, 2023

The FCA cracks down on the ‘hundreds of millions’ of pounds being laundered through Post Offices; Australia is set to modernise its anti-money laundering regime with public consultation; and various guidelines from regulatory bodies around the world are published.

Read more on these stories below:

FCA toughens safeguards against Post Office money laundering

The UK's Financial Conduct Authority (FCA) sets out tougher safeguards to combat money laundering via the Post Office. This follows the National Economic Crime Centre’s estimate of hundreds of millions of pounds being laundered each year through the cash deposit channel. Steps outlined by the FCA include reducing cash deposit limits, improving the sharing of intelligence, and training staff to spot patterns of suspect activity.

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Australia modernises its anti-money laundering regime

Australia seeks public consultation on proposed reforms to modernise its anti-money laundering and counter-terrorism financing (AML/CTF) regime. The Attorney-General aims to simplify and streamline the regime. The integrity of the financial system will be protected by responding to the evolving threat environment and meeting international standards set by the Financial Action Task Force.

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Latest global money laundering guidelines

The International Monetary Fund publishes a new working paper titled ‘Leveraging anti-money laundering measures to improve tax compliance and help mobilize domestic revenues’.

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Canada’s Department of Finance publishes a new anti-money laundering and anti-terrorist financing regime strategy for the period from 2023 to 2026.

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AUSTRAC releases updated guidance on conducting employee due diligence and AML/CTF training for regulated entities.

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