Financial

Forty-two businesses have been identified as having potential compliance failings in customer checks, record keeping and identifying risk, as part of on-going work by the UK’s anti-money laundering regulatory bodies to combat criminal activity.

https://nationalcrimeagency.gov.uk/news/national-economic-crime-centre-leads-push-to-identify-money-laundering-activity

The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms. This warning comes as cryptoassests1 (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.

https://www.actionfraud.police.uk/news/over-27-million-reported-lost-to-crypto-and-forex-investment-scams

Blameless scam victims who are tricked into transferring money directly to a fraudster should find they are better protected under a new voluntary industry code which comes into force from Tuesday.

https://uk.finance.yahoo.com/news/fightback-against-bank-transfer-scams-014500007.html?soc_src=social-sh&soc_trk=tw

The industry should focus on fraud prevention not just the "reimbursement" of its victims, the Financial Conduct Authority's supervision head has said

The Bestmixer cryptocurrency laundering service has been shut down by Dutch anti-fraud police with support from Europol after a tip off by cyber security researchers at McAfee, significantly disrupting cyber criminal money flows

https://www.computerweekly.com/news/252463873/Police-shut-down-Bestmixer-bitcoin-laundering-service

Richard Kovalevsky QC on the difficulties facing prosecutors of financial crime

Online investment scams more than tripled last year

The Financial Conduct Authority (FCA) in partnership with City of London Police (Action Fraud) are highlighting the trend of online trading scams being advertised on social media.

Losses as a result of "get rich quick" crypto-asset and forex scams exceeded £27m during the 2018/19 financial year, with the number of investors reporting fraud tripling on the previous year's figures.

https://www.professionaladviser.com/professional-adviser/news/3076084/investors-lose-gbp27m-to-get-rich-quick-crypto-and-forex-scams-in-2018-19

Criminals use both old-fashioned and new-technology tactics to swindle their marks.