UK asks banks for feelgood stories about keeping out dirty money
Guardian AU Business
β’Sun, 30 Aug 2026 11:00:54 GMT
π° What Happened
The UK Treasury is asking bankers and lawyers to provide real-life case studies of how they blocked dirty money from entering the UK, in a call for evidence meant to show the country's anti-money laundering, counter-terrorist financing and sanctions frameworks work in practice. The government needs to collect the examples before submitting its evidence packet to the Financial Action Task Force (FATF) global watchdog in October, ahead of an on-the-ground review next summer.
π The Backstory
The UK's last FATF assessment in 2018 was dismal and fuelled allegations that London had become a hub for 'dirty money'. Critics say the City still faces an uphill battle to prove it has substantially strengthened its financial crime controls since then.
π― Why It Matters
The FATF review will shape international perceptions of London as a financial centre and could influence how foreign institutions and regulators treat UK firms. The request for success stories highlights just how much the government needs to rebuild confidence in UK financial crime controls.
The UK Treasury is asking bankers and lawyers to provide real-life case studies of how they blocked dirty money from entering the UK, in a call for evidence meant to show the country's anti-money laundering, counter-terrorist financing and sanctions frameworks work in practice. The government needs to collect the examples before submitting its evidence packet to the Financial Action Task Force (FATF) global watchdog in October, ahead of an on-the-ground review next summer.
The UK's last FATF assessment in 2018 was dismal and fuelled allegations that London had become a hub for 'dirty money'. Critics say the City still faces an uphill battle to prove it has substantially strengthened its financial crime controls since then.
The FATF review will shape international perceptions of London as a financial centre and could influence how foreign institutions and regulators treat UK firms. The request for success stories highlights just how much the government needs to rebuild confidence in UK financial crime controls.