Three London-based individuals have been arrested for insider dealing and money laundering. These arrests, which occurred on 1 February 2024, are part of a more comprehensive investigation into organised crime by the UK’s Financial Conduct Authority (FCA) and National Crime Agency (NCA) and led to a fourth suspect being interviewed on 13 February.
Three arrested in FCA investigation into organised crime
The arrests comprised a significant operation involving more than 38 FCA and NCA officers across three residential sites. During this exercise, the authorities also seized several tech devices. After interviewing the suspects, two were released under investigation and one on unconditional bail. The fourth, a 48-year-old man, also remains under investigation.
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The FCA warned that organised crime is prominent in suspicious trading activities in equity markets. Steve Smart, the FCA’s joint executive responsible for delivering enforcement and market oversight, commented:
Insider dealing poses a significant threat to the integrity of financial markets both in the UK and overseas. The FCA is committed to combatting organised criminal networks involved in this threat. We work tirelessly, using our own sophisticated monitoring systems and specialist teams, to identify and disrupt people involved at each stage of these trading events from the insider leaking information, people who sell inside information to traders and brokers who facilitate access to the trading market.
The FCA also stopped or altered more than 10,000 misleading financial advertisements in 2023 to prevent trading scams. The authority said that this was 17% more compared to 2022. Focusing on illegal crypto asset promotions, the financial watchdog issued 450 consumer alerts between October and December 2023 alone.
