Author: Azizur Rahman 26 May 2021
With the National Crime Agency (NCA) saying that the threats of money laundering, bribery and corruption and sanctions evasion increased last year, Aziz Rahman was asked for his thoughts by Thomson Reuters’ Regulatory Intelligence.
Aziz stated that the NCA and other agencies are acting too slowly when it comes to cryptocurrency-related crime. He accused law enforcement agencies of being either not willing to deal with the threat posed by crypto or unable to do so because of a shortage of funding, expertise or technology.
Since January 2020, existing cryptoasset businesses in the UK have needed to be compliant with the Money Laundering Regulations 2017, which require such firms to register with the Financial Conduct Authority (FCA) to carry on trading.
Yet Aziz explained that, so far, there are only five such businesses that are fully registered with the FCA. This, he said, means that the effect of UK anti-money laundering measures on crypto businesses has been “minimal and ambiguous’’ and has exposed users to high risk.
In the article, Aziz also emphasised that as restrictions caused by the pandemic have forced offenders to adapt their ways of working to changed circumstances, it is important that both banks and law enforcement agencies also alter their working practices to respond to the threat.
Aziz's article featured in Thomson Reuters Regulatory Intelligence. (Subscription required)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.