Woman discussing location based data
Apr 2022 | Fraud Prevention | Anti-Money Laundering, Fraud
By Posted by Grant MacDonald

Money laundering is a serious financial crime, with an estimated 3% of GDP laundered every year, around £1.8 trillion

Although AML regulation to tackle the problem is in force in the UK, the scale of financial crime is significant, and national resources to investigate and enforce the laws are stretched.

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It is estimated that money laundering costs the UK economy £100bn every year

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Firms must carry out risk-based due diligence and have processes in place to spot and stop financial transactions that could involve money laundering

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Enhanced due diligence is needed in cases where there are high risk factors, including any business relationship established with a person in a high-risk third country

Where are the EU defined high-risk third countries for money laundering?

Under EU money laundering regulation, there are a list of countries or jurisdictions which are defined as high-risk. This means they have been identified as having deficiencies to counter money laundering and terrorist financing. Engaging with businesses in one or more of these countries requires extra due-diligence and KYC checks.

View the full list of high-risk countries in our infographic