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UK allocates £300M to tackle economic crime

Economic Crime Levy to part fund £400M investment to combat UK fincrime; Ireland bids to host a new EU AML Authority; and a U.S. a man is sentenced for an $8M FRAML sting.

Napier AI
March 31, 2023

Funds are allocated to anti-money laundering (AML) enforcement in the form of a £300M government levy to tackle economic crime, and Ireland announces its interest in hosting a new AML authority. Meanwhile, in the USA, a Massachusetts man is prosecuted for orchestrating a money laundering scheme that targeted the elderly, while experts warn of loopholes in AML laws allowing illicit funds to flow in.  

UK levy to raise £200M to tackle economic crime

The UK Government has confirmed that £300M generated from the Economic Crime (Anti-Money Laundering) Levy between 2023/24-2025/26 will supplement around £200M of government investment to tackle economic crime. The funding will benefit the entire anti-money laundering system and will be used to invest in technology, hire skilled investigators, and fund specialist intelligence teams.

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Ireland bids to host new EU Anti-Money Laundering Authority

Ireland's Minister for Finance, Michael McGrath, has gained Cabinet approval to apply to host the EU's new Anti-Money Laundering Authority (AMLA). The authority is expected to employ more than 500 staff and have a budget of more than €400M.

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Massachusetts man prosecuted for orchestrating $8M money laundering scheme

A Massachusetts man has been sentenced to 54 months in prison and ordered to pay over $4M in restitution and forfeiture for his involvement in a scheme that stole and laundered over $8M from hundreds of romance scam victims in a FRAML sting.  

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Find out how firms can leverage the convergence of fraud and AML practices (FRAML) to detect and prevent financial crime here

Experts warn of US anti-money laundering vulnerabilities

Loopholes in US anti-money laundering laws make it a haven for criminal activities and money laundering, according to experts, which in turn hinder US efforts to support Ukraine's defence against Russia.  

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