The UK is making it harder for terrorists and criminals to move money through its banks and businesses by today (26 October 2017) publishing new information on the best way for organisations to protect themselves against illicit financing.

The second ‘National risk assessment’ into money laundering and terrorist financing builds on successful government action in this area over recent years. It uses the lessons learnt from these actions to create a comprehensive risk assessment, which can be used by government, law enforcement and the private sector, to bolster their protections.

Key findings identified by the report include:

• the criminal exploitation of banks, professional and financial services and cash remain the greatest areas of money laundering risk to the UK
• cash remains the favoured method for terrorists to move funds through and out of the country
• a wide-ranging set of reforms by government, like introducing the ability to investigate suspicious asset trails, to crack down on illicit finance over recent years are starting to take effect

By examining how criminals attempt to move illicit funds through the UK, this report underlines the risks and pinpoints areas where businesses may be currently vulnerable. It informs the government, businesses and law enforcement agencies on how best to plug these gaps.

It advises on which services or products criminal groups are currently exploiting, enabling organisations to strengthen their efforts to shut this activity down. It will also help law enforcement allocate resources to the most significant threats.

The vast majority of firms are already vigilant but this information will shape future risk assessments so they can continue to better protect themselves against threats.

The Economic Secretary to the Treasury, Stephen Barclay, said:

This country has done more to put a stop to money laundering and terrorist financing than any other in the world, but we are not complacent as there is always more we can do.

Our record is strong and we are already seeing threats foiled due to the action we’ve taken.

Today’s report makes it clear to criminal groups that the UK will never be an easy target and won’t tolerate this activity.

Security Minister, Ben Wallace MP said:

We will not stand by and allow criminals and the corrupt to use the UK to launder and hide their dirty money.

It is essential that we know what the risks to the UK are, which is why we are publishing the second national risk assessment of money laundering and terrorist financing which names a number of jurisdictions whose financial systems are linked to the UK and are at risk of abuse by criminals.

This assessment will help law enforcement agencies and industry take the necessary action against those threats.

Serious and organised crime costs Britain tens of billions of pounds every year and working with the private sector by sharing information and best practice remains vital to addressing this abuse, making it harder for criminals to operate in the UK.

Secretary of State for Wales Alun Cairns is to call on Welsh manufacturing businesses to maintain their competitive edge and keep firing on all cylinders, as Britain prepares to leave the European Union.

Mr Cairns will deliver a keynote speech to firms at this evening’s annual EEF dinner (26 October), where he is expected to outline plans to address Wales’ low productivity rate, through the UK-wide Industrial Strategy, which calls on Welsh firms to be at the forefront of innovation and export trade, so that prosperity is shared across the country.

Wales currently benefits from its economy’s manufacturing base, which employs around 150,000 people and is made up of over 5,000 companies, 97% of which are SMEs. But Wales is the least productive region in the UK, with productivity only 80.5% of the UK average.

The Secretary of State for Wales is expected to say:

If we want to stimulate every part of our economy, then we need to create the right conditions for generating ideas and innovation – we need to foster entrepreneurship.

Wales has the advantage of a strong innovation base – be that compound semi-conductors in Cardiff, agri-tech in Aberystwyth, or advanced manufacturing in Deeside.

The UK Government will invest an additional £4.7 billion by 2020-21 in research and development funding and create a new Industrial Strategy Challenge Fund to help the UK capitalise on its strengths in science and innovation in manufacturing.

Mr Cairns will also say:

We know Wales has huge potential when it comes to trade and investment, as there are currently more than 3,800 businesses in Wales that export.

I’d like to see businesses in Wales taking advantage of the world-class support on offer from the UK Government and Welsh Government so that Wales and the wider UK is the best place in the world to do business.

Additional information:

• The UK Government has announced an additional £4.7 billion by 2020-21 in research and development funding and created a new Industrial Strategy Challenge Fund to help the UK capitalise on its strengths in science and innovation in manufacturing.

• There are currently more than 3,800 businesses in Wales that export, with a combined value of £13billion in the first quarter of 2017. Wales is also an attractive place for inward investment, with latest figures showing that 85 foreign direct investment projects were secured in Wales, creating 2,581 new jobs and safeguarding almost 9,000 more.

• The Secretary of State for Wales has recently written to over 26,000 Welsh businesses identified as potential exporters including a copy to the Wales Export Guide. The Wales specific guide sets out the full range of support available to Welsh businesses from the UK Government and contains inspiring stories of companies based in Wales that are successfully exporting. You can read the guide online here.