There were no prosecutions under the UK’s Money Laundering Regulations (MLRs) for more than a year after the transposition of recent European legislation, government statistics reveal.
The Home Office made the disclosure, which elicited condemnation from anti-corruption campaigners, through a Freedom of Information request made by law firm Eversheds Sutherland.
The regulations seek to ensure that regulated entities have adequate controls in place to prevent, detect and report money laundering. Failure to do so can result in jail time, but prosecuting authorities also have the power to impose civil penalties.
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