Transparency International UK (TI-UK) published this report analysing money laundering risk in e-payments noting the rapid growth of the electronic money institution (EMI) sector. In its view, while most EMIs will be legitimate payment providers, there is a growing body of evidence that suggests they are open to abuse by those seeking to launder corrupt and other illicit funds through the global economy. In 2019/20, almost one-third (19,293) of suspicious activity reports (SARs) relating to suspected criminal funds came from the e-payment sector, of which EMIs make up a significant proportion. It is currently unclear to what extent EMIs are being used to channel the proceeds of corruption. Unlike the fraud schemes that have identified UK EMI firms, corruption and associated money laundering can take years to emerge, with law enforcement agencies often reliant on whistle-blowers, leaks and the work of investigative journalists.

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