UK Blacklists Five Individuals Accused of Exacerbating Suffering Through Corruption

The United Kingdom on Thursday imposed asset freezes and travel bans on five individuals accused of enriching themselves from illicit schemes that worsened human suffering in Equatorial Guinea, Zimbabwe, Venezuela and Iraq. The sanctions announced by UK Foreign Secretary Dominic Raab under the nation’s Global Anti-Corruption sanctions regime target Equatorial Guinea’s… Read More

MPs demand answers over closure of bank accounts

MPs are investigating banks over complaints that the accounts of innocent customers have been closed during a crackdown on money laundering. Mel Stride, chairman of the Treasury select committee, has written to Nikhil Rathi, chief executive of the Financial Conduct Authority, raising concerns over reports of account closures at NatWest… Read More

Banks under more scrutiny in new US advisory on Xinjiang

The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More
11th March 2021
More than four in 10 cases of money mules involved victims aged 21 to 30, with the numbers rising last year, fraud prevention service Cifas said. Banks said criminals posted fake job adverts on social media, targeting “generation Covid” struggling for work. It is part of a wider trend of… Read More
25th December 2020
Fraud prevention organisation Cifas said fraudsters were sharing tips and getting more sophisticated in their attempts to steal money. Cases of a particular scam targeting shoppers, which often spikes at Christmas, have tripled this year. Criminals harvest personal information then buy items in someone else’s name. Dark tips The so-called… Read More
2nd November 2020
People who have lost their jobs are being targeted by adverts for work that would turn them unwittingly into money launderers for criminal gangs, the national fraud prevention service Cifas claims. Criminals are using social media to promote jobs that are presented as easy ways of making cash during the… Read More
13th May 2020
Criminals are exploiting the coronavirus pandemic to recruit money mules via social media to launder cash from human trafficking, terrorism financing or drug dealing, experts have warned. Social media mule recruitment is being ramped-up in recent weeks after legitimate sources of income, such as hospitality or retail work, dried… Read More
19th September 2019
Criminals are recruiting a rising number of teenagers to act as money mules to help them launder the proceeds of crime. The number of cases of 14 to 18-year-olds who have allowed their bank accounts to be used to divert funds has grown by 73% in two years. Banks are… Read More
30th August 2019
European banks are ramping up spending on the fight against financial crime, after a wave of money-laundering scandals on the continent. However, industry insiders betray little optimism about the impact it will have on crime, let alone on banks’ reputations. Rob Wainwright, a former head of Europol now working at… Read More
9th July 2019
Teenage “money mules” are on the rise, as criminals prey on millennials’ lack of financial know how, MPs have warned. There has been a 26 per cent increase in under 21-year-olds acting as money mules between 2017 and 2018, according to the fraud prevention service Cifas. This means… Read More
27th November 2017
KYC360 News There has been a stark leap in the number of 18-24 year olds acting as money mules, leaving many to face possible blacklisting from accessing student loans or mobile phone contracts According to statistics from anti-fraud groups, there has been a 75 per cent increase in… Read More
23rd August 2017
Identity theft has reached epidemic levels in the UK, with incidents of this type of fraud running at almost 500 a day, according to the latest figures. During the first six months of this year there were a record 89,000 cases of identity fraud, which typically involves criminals pretending to… Read More