FCA Cautions of Afghanistan-Based Financial Crimes

FCA Cautions of Afghanistan-Based Financial Crimes

An official warning was issued by the UK’s FCA of growing financial crimes as a result of the recent developments in Afghanistan. The FCA is worried mostly about the legal flow of funds.

An official statement released by the British regulator disclosed its concerns. The agency comments that all companies should be aware of any possible impact that these events from the past weeks have on “patterns of financial activity” concerning customer risk and flow of funds.

The British overseer implored its regulated firms to ‘establish and maintain systems and controls to counter the risk they might be used to further financial crime’.

Furthermore, all UK companies under the supervision of the FCA must absolutely abide by anti-money laundering and terrorist financing regulations. These include customer due diligence, risk assessments practices, and a firm transaction monitoring system.

Crucially the Financial Conduct Authority wishes all transactions to Afghanistan to be scrupulously monitored. Any suspicious activities must absolutely be reported to the UK Financial Intelligence Unit (UKFIU).

In recent weeks a great turmoil has developed in Afghanistan as the United States withdrew its influence from the Asian nation. After a 20 year-long “foreign occupation” the Taliban have yet again regained control of the country. Financial regulators around the world are very concerned about the unprecedented financial crimes that will arise from this shift in power.

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1 Comment

  1. was robbed by Trustfx.io several times with schemes that not the devil remember S_Françisco Bellmond and D.Julia Andrade . Right now S.Jose Costa is phoning all the time to see if anything else falls , just in the last month of June , it was 23,000 in total . Portugal.
    foi roubada pela Trustfx.io por varias vezes com esquemas que nen ao diabo lembra S_Françisco Bellmond e D.Julia Andrade . Agora neste momento esta o S.Jose Costa a telefonar a toda a hora a ver se cai mais alguma coisa ,só no ultimo mês de JUnho forão 23,000eu no total já me levarão serca de 40,000eu pesso desculpa mas eu nao sei ingls sou de POrtugal .

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