The UK ML/TF National Risk Assessment 2025 dropped last week and is a welcome update on those reported in 2015, 2017 and 2020. The NRA runs to 163 pages and provides a summary of the main ML & TF threats and trends since 2020 as well as summarising the most vulnerable sectors and highlights some interesting cross cutting issues. 1. Money Laundering: The main ML related threats are identified as being the “common predicate offences that generate criminal funds” and “harms” since 2020 ...