Joint Money Laundering Intelligence Taskforce (JMLIT)

The Joint Money Laundering Intelligence Taskforce (JMLIT) has been set-up in partnership with the financial sector to combat high end money laundering. 

Established as a BAU function in May 2016, JMLIT has been developed with partners in government, the British Bankers Association, law enforcement and over 20 major UK and international banks under the leadership of the ‘Financial Sector Forum’.

The taskforce has analysed information and expertise in the public and private sectors to better understand the true scale of money laundering and the methods used by criminals to exploit the UK’s financial system and terrorists using the financial systems to finance attacks. It has identified and implemented actions to address these.

How it works

The taskforce currently has four key operational priorities which are kept under continuing review:

  1. Understanding and disrupting the funding flows linked to bribery and corruption;
  2. Understanding and disrupting trade based money laundering;
  3. Understanding and disrupting the funding flows linked to organised immigration crime and human trafficking; and
  4. Understanding key terrorist financing methodologies.

The  document JMLIT Toolkit (421 KB) provides a high level overview of how the JMLIT operates, its structure and membership.

At the heart of the taskforce, is an Operations Group which includes officers from the NCA, HMRC, City of London Police, Metropolitan Police Service, SFO, FCA, Cifas, and vetted staff from Barclays, Santander, Standard Chartered, RBS, HSBC, BNP Paribas, Citigroup, Nationwide, Lloyds, Post Office and JP Morgan. Investigators attend this group to brief members on their investigations and requests.

Results

The JMLIT has delivered a wide range of benefits including a more informed prioritisation of money laundering risks by UK financial institutions; an improved collective understanding of new and emerging money laundering threats; targeted and coordinated interventions by law enforcement and the financial sector, and greater opportunities to use the tools and expertise across the public and private sector to tackle money laundering threats impacting the UK.

Between May and July 2016 (inclusive) which constitutes the JMLITs Q1, the JMLIT has contributed to the following operational outcomes:

  • 37 arrests of individuals suspected of money laundering;
  • The instigation of 186 bank led investigations into customers suspected of money laundering;
  • The identification of 137 suspicious accounts;
  • The heightened monitoring by banks of 165 accounts;
  • The closure of 114 bank accounts suspected of being used for the purposes of laundering criminal funds;
  • The restraint of £145,000 of suspected criminal funds; and
  • The granting of 26 Proceeds of Crime Act Orders

In addition, during Q1 the JMLIT is developing two alerts on money laundering typologies currently being used by criminals to launder their criminal proceeds through UK banks.

Future development

The JMLIT concept anticipated and will also further advance one of the key outputs of the May 2016 document UK Anti- Corruption Summit (34 KB) for the creation of  stronger partnerships between governments, regulators, law enforcement, financial intelligence units (FIUs) and business to detect and prevent the flow of illicit funds across the globe and to enable the private sector to act as a more effective first line of defence.

The NCA is working with colleagues from overseas law enforcement agencies to help inform the development of similar partnerships in a number of countries around the world.document
(34 KB)

 

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