Crypto Was One of the Biggest Money Laundering Risks in 2022-2023: UK Govt. Report
Crypto firms, retail banking, wholesale banking, and wealth management were identified as the sectors most at risk of money laundering exploitation between 2022 and 2023, according to a report by the UK's Financial Conduct Authority (FCA). The FCA's risk assessments were based on 238 firms. The UK has been increasing efforts to combat crypto-related crime, with police having crypto tactical advisors across the country to help seize digital assets linked to crime. The report revealed that 52.8 full-time financial crime specialist employees were dedicated to anti-money laundering supervision at the FCA between 2022 and 2023, with 15.8 focusing on supervising crypto businesses. Additionally, supervisory teams outside the dedicated financial crime specialist teams opened 95 cases related to crypto-assets during the report's recording period.
