Cash-based money laundering, the use of money mules and fraud associated with overseas jurisdictions are at the top of a list of enforcement priorities announced by the Financial Conduct Authority (FCA) and National Crime Agency (NCA).

The so-called System Priorities list was created in partnership with the Home Office, HM Treasury and UK Finance, to address the most pressing threats facing the UK's financial system. Contributory documents are the National Risk Assessment of Money Laundering and Terrorist Financing 2025, which sets out what HM Treasury and the Home Office consider to be the key money laundering and terrorist financing risks facing the UK and the NCA's National Strategic Assessment of Serious and Organised Crime, published in 2025. STEP worked closely with industry partners and the Home Office to provide knowledge from a trust industry perspective during the preparation of the risk assessment.