Money laundering challenges in the United Kingdom (UK)

Money laundering is consistently acknowledged as a significant criminal offence but also as a major threat to the United Kingdom (UK) and international financial architecture. This chapter critically examines the efficacy of the UK money laundering legislation in terms of enforcement strategies to implement domestic and international policies. The central question is whether or not policy translates into effective practice across UK law enforcement. The parallel challenge is whether existing money laundering powers are well used or effective and the symbolic and practical implications of calls for additional powers such as unexplained wealth orders. This work also examines whether current UK anti-money laundering regulations, policy and practice are robust and inclusive enough to tackle the issue of an emerging and relatively unknown threat environment of the twenty-first century. For instance, criminals are presented with new opportunities in the digital environment while multiple creations of largely unregulated cryptocurrencies present global money laundering challenges for law enforcement. This critical evaluation is expected to indicate areas of good practice in enforcement strategies which may point to recommendations for research pathways and policy development.