Year: 2026

UK law firms get ready for crackdown on money laundering

Money Laundering, Supervision
UK law firms are bracing themselves for a money-laundering crackdown as ministers race to improve the City’s reputation ahead of a fresh financial crime review. The Financial Conduct Authority (FCA) has been designated as the new anti-money laundering watchdog for the legal sector, in a move that experts warn could result in “sharper” penalties and ultimately reshape the industry. The decision to consolidate regulation, which at present is spread across nine separate supervisors, is part of the government’s wider efforts to combat the UK’s reputation as a hub for “dirty money”. The National Crime Agency estimates that £100bn is being…

Moving to a single list for UK sanctions designations, 28 January 2026

Sanctions
IntroductionThe UK government’s sanctions lists changed to a single list on Wednesday 28 January 2026. UK sanctions designations are now only detailed in the UK Sanctions List (UKSL), published by the Foreign, Commonwealth and Development Office. The Consolidated List of Asset Freeze Targets, which was published for HM Treasury by the Office of Financial Sanctions Implementation (OFSI) is no longer being updated. It is available for reference purposes on its old page. This guidance is to help you understand manage the change, in particular for businesses and industry that regularly use the UK Sanctions List and the OFSI Consolidated List…

Digital wallet fraud: how your bank card can be stolen without it leaving your wallet

Fraud
You get a call from your bank and the informed voice asks to you to confirm the personal details they have on file, which you do. You are then asked whether you bought something at an electrical retailer recently for £120 and spent £235 in Birmingham, but neither transaction rings true. The caller tells you they have blocked the payments but they must now secure your account, and say they will send you a notification to approve, or a code to pass on to them. You feel under pressure to protect your money, so you do what is asked. Unfortunately,…