Organized crime is a threat to the UK's Serious and Organized Crime Strategy security as it is for any other nation. It costs the UK at least £ 24 billion each year, causes loss of life, and can lead to a loss of people's sense of security. Criminal groups are corrupt by frightening them and have a daunting effect on some people. Cybercrime reduces trust in communication technology and the online economy. Organized immigration crime leads to the loss of the security of the borders. Financial crime harms the unity and stability of financial markets and institutions.
Aim of The UK's Serious and Organized Crime Strategy
Serious and organized crime (SOC) continues to be more devastating to UK citizens than any other threat. It fully affects the country, having a chronic and negative impact on the ordinary and daily lives of individuals and communities, businesses, organizations, public services, and national infrastructure.
This strategy aims to significantly reduce the number of serious and organized crime that undermines Britain's interests. The strategy, the plan for counter-terrorism work, is implemented and has four main components: prosecuting and harassing people involved in serious and organized crime; prevent people from engaging in this activity; increasing protection against serious and organized crime, and reducing the impact of this crime where it was committed.
Money Laundering in The UK
As the most fundamental of organized crime, money laundering makes these crimes possible, allowing criminal groups to advance their activities and conceal their existence. There has been an increase in the amount of money laundered in 2019.
Measuring the exact scale of money laundering affecting the UK is still difficult to quantify, but considering the UN is laundering 2-5% of global GDP and London is home to its largest financial institutions and one of the largest financial centers. Given his estimates of being one, there is a realistic side to this—hundreds of billions of pounds a year. While most of this is likely to be corrupt money from outside the UK, it also has a fairly high share in the UK, i.e., its domestic market.
The UK remains a hub for criminals who want to launder their money in their companies. Criminals benefit from the convenience of establishing UK companies, the wide range of services offered, and the access that UK systems provide to higher-risk jurisdictions. Research by Transparency International reveals that in 2019, 929 British companies were involved in corruption and money laundering, causing the British economy to suffer £ 137 billion in economic damage.
What You Can Do
Increasingly and chronic in the UK, financial crimes are becoming serious for financial institutions, a major threat to the UK's Serious and Organized Crime Strategy . Sanction Scanner protects financial companies and organizations from money laundering and terrorist financing through its enhanced system. The services we offer within our products' scope are AML Name Scanner, Transaction Monitoring, and Adverse Media. With the Sanction Scanner software, companies can easily apply them, perform scans, and set rules. To use this software effectively, you can contact us or request a demo .
Let's Discover AML Solutions
- AML Name Screening Software
- AML Transaction Monitoring Software
- Transaction Screening Software
- Adverse Media Screening Software
