Financial Crime World

Financial Crime on the Rise: Banking Industry’s Response to Money Laundering in Faroe Islands

Money Laundering on the Upswing: UK Businesses at Risk

A recent survey by SmartSearch has revealed a significant increase in attempts to launder money or commit financial crime through businesses in the finance and banking sector, with over half of firms (54%) reporting an rise in such activities in the last year.

The Impact of Financial Crime on Businesses

  • Over 14% of businesses in the finance and banking sector had been a victim of money laundering or financial crime in the past six months.
  • Larger companies are more likely to experience a rise in criminal activity, with firms having more than 500 employees almost twice as likely (55%) to see an increase in illegal activity compared to those with less than 50 people (28%).

Regional Breakdown: Where Financial Crime is Most Prevalent

  • Northern Ireland: 71% of firms saw an increase in criminal activity
  • East Midlands: 63% of firms saw an increase in criminal activity
  • Wales: 56% of firms saw an increase in criminal activity
  • Yorkshire: 53% of firms saw an increase in criminal activity
  • West Midlands: 50% of firms saw an increase in criminal activity

The Banking Industry’s Response to Financial Crime

As the threat of money laundering and financial crime continues to rise, businesses must take proactive steps to ensure they are doing everything possible to prevent such activities from taking place through their operations. By being aware of the specific risks associated with their location and taking steps to mitigate them, businesses can help prevent financial crime from taking place through their operations and protect themselves against the threat of money laundering.

Expert Insights: The Reality of Financial Crime

SmartSearch managing director Martin Cheek warned that these statistics should ring alarm bells for all regulated businesses, highlighting the very real threat of financial crime. “Governments can warn about financial crime, but these results show the reality of its threat,” he said. “Not only is it very real, but the criminals behind it are increasingly active.”