January 24 2018
Money laundering has gone mainstream. The television drama Breaking Bad contained one of the clearest explanations of money laundering ever given. The new series McMafia has highlighted London as a hub for money laundering. The increased prominence in mainstream media reflects the priority put on money laundering by Governments and law enforcement.
A recent interview given by the Director General of the National Crime Agency (“NCA”), Lynne Owens, indicates a greater focus on money laundering investigations in relation to financial services. Ms. Owens indicated that the NCA is pursuing a case against senior bankers in relation to bribery and money laundering.1 But what of the Financial Conduct Authority’s (“FCA”) role in criminal investigations relating to money laundering? This alert discusses the increasing likelihood of the FCA prosecuting regarding money laundering failings.