UK Firms Warned Of Afghan Financial Crime Risk

By Najiyya Budaly (August 31, 2021, 2:38 PM BST) -- Finance companies must ensure that they have established robust anti-money laundering systems and controls to protect them against the risk of financial crime after U.S. troops pulled out of Afghanistan, the City watchdog said on Tuesday.

Regulated firms must have defenses against money laundering and terrorist financing after the Taliban takeover of Kabul, the City watchdog has said. (AP Photo/Khwaja Tawfiq Sediqi) The Financial Conduct Authority said that regulated companies must act following the Taliban takeover of Kabul after a 20-year war.

The watchdog said it expects banks, insurers and asset managers to comply with the Proceeds of Crime Act 2002 and the...

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