Combating Financial Crime: Practical Advice for the Public Sector (2020 Edition)

The latest UK Annual Fraud Indicator figures, at the time of publishing, show that £40bn is lost to fraud. Moreover, the UK government recognises that “tens of billions” of pounds are lost to money laundering.

While public authorities are not legally obliged to apply the provisions of money laundering regulations, it is recommended that they employ policies and procedures to deal with the growing threat of terrorist financing, money laundering and other financial crimes.

We have expanded this guide to explore the different financial crime types, their impact on public authorities in the UK and globally and the relevant legislative environment. This updated edition includes such customer due diligence procedures as checking the controls of onboarding new vendors, including determining the ultimate beneficial owner of a company. The guidance also covers the implications of financial crime for leadership teams of public authorities, providing practical advice and highlighting the recommendation of nominating a money laundering reporting officer. 

This publication is available as a downloadable PDF. Customers and subscribers will need to log in to CIPFA’s website to access the publication.