-
Governance advisory
We guide boards and management teams in frameworks, team processes and leadership dynamics to deliver sustainable value.
-
Financial services advisory
Get market-driven expertise to achieve your goals in banking, insurance, capital markets, and investment management.
-
Business risk services
Our market-driven expertise helps firms keep growing and manage risk in an evolving regulatory landscape.
-
Risk
Meet risks with confidence and transform your business – we support you to manage risk and deliver on your goals.
-
Economic consulting
Bespoke guidance grounded in complex economic theory and practical sector insight to help you make the right decisions.
-
Government and public sector
Experience and expertise in delivering quality public sector advisory and audits.
-
Business consulting
Partnering with you to deliver sustainable business change that helps you realise your ambitions.
-
Transaction advisory services
Whether buying or selling, we help you get the deal done with our comprehensive range of transaction advisory services.
-
Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
-
Corporate finance advisory
Building a business is never easy. We help you maximise the value of your business and find the right option.
-
Valuations
Help to understand or support the valuation of a business or asset.
-
Insolvency and global asset recovery
We provide asset tracing and seamless cross-border global recovery for clients.
-
Forensic and investigation services
Market-driven expertise in investigations, dispute resolution and digital forensics.
-
Restructuring
Our restructuring team help lenders, investors and management navigate contingency plans, restructuring and insolvency.
-
Transformation consulting
Is business transformation a priority for your organisation? Our expert insight and guidance can help you achieve it.
-
Pensions assurance
A tailored service that responds to evolving risks and regulations.
-
Accounting services
Optimise your growth with expert accounting services. Contact us today.
-
Royalty and intellectual property (IP) audits
Enhance IP asset protection with our royalty and IP audit services. Expertise in licensing, revenue detection, and compliance improvements.
-
Business consulting
Partnering with you to deliver sustainable business change that helps you realise your ambitions.
-
Corporate Simplification
Release value, reduce compliance complexity, and improve tax efficiency by streamlining your group structure.
-
Economic consulting
Bespoke guidance grounded in complex economic theory and practical sector insight to help you make the right decisions.
-
Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
-
Governance advisory
We guide boards and management teams in frameworks, team processes and leadership dynamics to deliver sustainable value.
-
International
Unlock global opportunities with our local expertise and worldwide reach.
-
People advisory
Driving business performance through people strategy and culture.
-
Strategy Group
Successful business strategy is rooted in a clear understanding of the market, customer segmentation and how purchase decisions vary.
-
Respond: Data breach, incident response and computer forensics
Are you prepared for a cyber failure? We can help you avoid data breaches and offer support if the worst happens.
-
Comply: Cyber security regulation and compliance
Cyber security regulation and compliance is constantly evolving. Our team can support you through the digital landscape.
-
Protect: Cyber security strategy, testing and risk assessment
Cyber security threats are constantly evolving. We’ll work with you to develop and test robust people, process and technology defences to protect your data and information assets.
-
Corporate finance advisory
Building a business is never easy. We help you maximise the value of your business and find the right option.
-
Debt advisory
Working with borrowers and private equity financial sponsors on raising and refinancing debt. We can help you find the right lender and type of debt products.
-
Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
-
Financial modelling services
Financial modelling that helps you wrestle with your most pressing business decisions.
-
Operational deal services
Enabling transaction goals through due diligence, integration, separation, and other complex change.
-
Our credentials
Search our transactions to see our experience in your sector and explore the deals advisory services we've delivered.
-
Transaction advisory services
Whether buying or selling, we help you get the deal done with our comprehensive range of transaction advisory services.
-
Valuations
Help to understand or support the valuation of a business or asset.
-
The ESG agenda
Shape your ESG agenda by identifying the right metrics, sustainable development and potential business value impact.
-
ESG driven business transition
Whatever your ESG strategy, we can support your organisation as it evolves while maximising efficiency and profitability.
-
ESG programme and change management
Do you have the right capabilities to drive the delivery of your ESG strategy to realise your targets?
-
ESG risk management
You must protect, comply, understand and influence to successfully manage the risk involved with ESG issues. We can help.
-
ESG strategy, risk and opportunity identification
We can help you clearly define your ESG Strategy, with the risks and opportunities identified and managed.
-
Create value through effective ESG communication
Building trust and engagement with your stakeholders on your ESG strategy.
-
ESG metrics, targets and disclosures
The pressure to report your ESG progress is growing. Do your targets measure up?
-
ESG governance, leadership and culture framework
Make the most of ESG opportunities by effectively embedding your strategy across your organisation.
-
ESG and non-financial assurance
Support your board to be confident in supplying robust information that withstands scrutiny.
-
Transition planning to net zero
Supporting your organisation in the transition to net zero.
-
Actuarial and insurance consulting
We consult extensively to the life insurance, general insurance, health insurance and pensions sectors.
-
Business risk services
Our market-driven expertise helps firms keep growing and manage risk in an evolving regulatory landscape.
-
Financial crime
Helping you fight financial crime in a constantly changing environment
-
Financial services business consulting
Leverage our diverse capabilities to manage challenges and take opportunities: from assurance to transformation
-
Financial services tax
Helping financial services firms navigate the global financial services and funds tax landscape.
-
Regulatory and compliance
Providing an exceptional level of regulatory and compliance to firms across the financial services industry.
-
Corporate intelligence
Corporate intelligence often involves cross-border complexities. Our experienced team can offer support.
-
Litigation support
Industry-wide litigation support and investigation services for lawyers and law firms.
-
Disputes advisory
Advising on quantum, accounting and financial issues in commercial disputes.
-
Forensic investigations and special situations
Do you need clarity in an uncertain situation? If you're accused of wrongdoing we can help you get the facts right.
-
Forensic data analytics
Our forensic data analytics team are helping businesses sift the truth from their data. See how we can help your firm.
-
Monitoring trustee and competition services
Monitoring trustee services to competition, financial and regulatory bodies.
-
Financial crime
Supporting your fight against financial crime in an ever-changing environment
-
Public sector advisory
To deliver excellent public services, local and central government need specialist support.
-
Public sector consulting
Helping public sector organisations maintain oversight of services and understand what's happening on the ground.
-
Public sector audit and assurance
As a leading UK auditor, we have unparalleled insights into the risks, challenges and opportunities that you face.
-
Contentious estates and family disputes
We manage complex and sensitive disputes through to resolution.
-
Digital Asset Recovery
Get guidance and technical expertise on digital finance and cryptoasset recovery from our dedicated crypto hub.
-
Grant Thornton Offshore
Grant Thornton Offshore is our one-stop global solution for insolvency, asset recovery, restructuring and forensics services.
-
Insolvency Act Portal
Case information and published reports on insolvency cases handled by Grant Thornton UK LLP.
-
Litigation support
Industry-wide litigation support and investigation services for lawyers and law firms.
-
Personal insolvency
We can support you to maximise personal insolvency recovery and seek appropriate debt relief.
-
South Asia business group
Supporting your growth in the UK-India economic corridor and beyond.
-
US business group
Optimise your trans-Atlantic operations with local knowledge and global reach.
-
Japan business group
Bridging the commercial and cultural divide and supporting your ambitions across Japan and the UK.
-
Africa business group
Connecting you to the right local teams in the UK, Africa, and the relevant offshore centres.
-
China-Britain business group
Supporting your operations across the China – UK economic corridor.
-
Asset based lending advisory
Helping lenders, their clients and other stakeholders navigate the complexities of ABL.
-
Contingency planning and administrations
In times of financial difficulty, it is vital that directors explore all the options that are available to them, including having a robust ‘Plan B’.
-
Corporate restructuring
Corporate restructuring can be a difficult time. Let our team make the process simple and as stress-free as possible.
-
Creditor and lender advisory
Whether you're a creditor or lender, complex restructurings depend on pragmatic commercial advice
-
Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
-
Financial services restructuring and insolvency
Financial services restructuring and insolvency is a competitive marketplace. Our team can help you navigate this space.
-
Pensions advisory services
DB pension-schemes need a balanced approach that manages risk for trustees and sponsors in an uncertain economy.
-
Restructuring and insolvency tax
Tax will often be crucial in a plan to restructure a distressed business. Our team can guide you through the process.
-
Restructuring Plans
Market leading experience in advising companies and creditors in Restructuring Plan processes.
-
Controls advisory
Build a robust internal control environment in a changing world.
-
Data assurance and analytics
Enhancing your data processes, tools and internal capabilities to help you make decisions on managing risk and controls.
-
Enterprise risk management
Understand and embrace enterprise risk management – we help you develop and connect risk thinking to your objectives.
-
Internal audit services
Internal audit services that deliver the value and impact they should.
-
Managing risk and realising ESG opportunities
Assess and assure risk and opportunities across ESG with an expert, commercial and pragmatic approach.
-
Project, programme, and portfolio assurance
Successfully delivering projects and programmes include preparing for the wider impact on your business.
-
Service organisation controls report
Independent assurance provides confidence to your customers in relation to your services and control environment.
-
Supplier and contract assurance
Clarity around key supplier relationships: focusing on risk, cost, and operational performance.
-
Technology risk services
IT internal audits and technology risk assurance projects that help you manage your technology risks effectively.
-
Capital allowances (tax depreciation)
Advisory and tools to help you realise opportunities in capital allowances.
-
Corporate tax
Helping companies manage corporate tax affairs: delivering actionable guidance to take opportunities and mitigate risk.
-
Employer solutions
We will help you deliver value through your employees, offering pragmatic employer solutions to increasing costs.
-
Indirect tax
Businesses face complex ever changing VAT regimes, guidance and legislation. We can help you navigate these challenges.
-
International tax
Real-world international tax advice to help you navigate a changing global tax landscape.
-
Our approach to tax
We advise clients on tax law in the UK and, where relevant, other jurisdictions.
-
Private tax
Tax experts for entrepreneurs, families and private business. For now and the long term.
-
Real estate tax
Stay ahead of real estate tax changes with holistic, tax-efficient solutions.
-
Research and development tax incentives
We can help you prepare optimised and robust research and development tax claims.
-
Tax dispute resolution
We make it simple to stay compliant and avoid HMRC tax disputes
-
Tax risk management
We work with you to develop effective tax risk management strategies.
-
Skills and training
Get the right support to deliver corporate and vocational training that leads the way in an expanding market.
-
Private education
Insight and guidance for all businesses in the private education sector: from early years to higher education and edtech.
-
Facilities management and property services
Get insight and strategic support to take opportunities that protect resilience and drive UK and international growth.
-
Recruitment
Helping recruitment companies take opportunities to achieve their goals in a market where talent and skills are key.
-
Food and beverage (F&B)
We can help you find the right ingredients for growth in your food and beverage business.
-
Travel, tourism and leisure
Tap into our range of support for travel, tourism and leisure businesses in this period of challenge and change.
-
Retail, e-commerce and consumer products
With multiple challenges and opportunities in the fast-evolving retail sector, make sure you are ready for them.
-
Banking
Our expertise and insight can help you respond positively to long term and emerging issues in the banking sector.
-
Capital markets
2020 is a demanding year for capital markets. Working with you, we're architecting the future of the sector.
-
Insurance
Our experienced expert team brings you technical expertise and insight to guide you through insurance sector challenges.
-
Investment management
Embracing innovation and shaping business models for long-term success.
-
Pensions
Pension provision is an essential issue for employers, and the role of the trustee is becoming increasingly challenging.
-
Central and devolved government
Helping central and devolved governments deliver change to improve our communities and grow our economies.
-
Infrastructure and transport
Delivering a successful transport or infrastructure project will require you to balance an often complex set of strategic issues.
-
Local government
Helping local government leverage technical and strategic expertise deliver their agendas and improve public services.
-
Regeneration development and housing
We provide commercial and strategic advice to assist your decision making in pursuing your objectives.
-
Health and social care
Sharing insight and knowledge to deliver transformation and improvement to health and social care services.
-
Charities
Supporting you to achieve positive change in the UK charity sector.
-
Education and skills
The education sector has rarely faced more risk or more opportunity to transform. You need to plan for the future.
-
Social housing
We are committed to helping change social housing for the better, and can help you make the most of every opportunity.
-
Technology
We work with dynamic technology companies of all sizes to help them succeed and grow internationally.
-
Telecommunications
Take all opportunities to realise your goals in telecommunications: from business refresh to international expansion.
-
Media
Media companies must stay agile to thrive in today’s highly competitive market – we’re here to support your ambitions.
Few working in financial crime compliance would dispute the value of intelligence in the fight against financial crime. Transaction monitoring as a means of identifying suspicious activity is notoriously inefficient, with typically fewer than 3% of monitoring alerts converting into suspicious activity reports (SARs) filed with law enforcement. Even so, the volume of SARs can be overwhelming to law enforcement bodies and identifying the valuable insights within a wealth of data shared – often shared more to protect a financial institution than because the information clearly demonstrates illicit activity (so-called defensive SARs) – can be extremely challenging.
Criminals laundering money will deliberately use networks of accounts across multiple financial institutions and across borders in order to obscure the funds flow. Having mechanisms in place to facilitate information sharing where criminal activity is either known or strongly suspected is therefore of paramount importance in order to be able to join the dots and reveal a full picture of connected activity. It also allows law enforcement and financial institutions alike to concentrate valuable resources on known illicit activity and have a greater impact in the fight against financial crime.
With this background in mind, Grant Thornton UK LLP’s Financial Crime Team hosted our third financial crime breakfast briefing of the year, where Partner Tom Townson set out previous efforts to encourage intelligence-sharing, challenges that still remain and whether the new provisions in the Economic Crime and Corporate Transparency Act do much to improve the situation. We held an interactive session using poll technology and gleaned some really interesting insights from our audience.
Historical efforts to improve information sharing
Over the last decade or so there have been various attempts in the UK to improve both public-private and private-private information sharing. The implementation of the Joint Money Laundering Intelligence Taskforce (JMLIT) in 2015 was one of the most significant, providing a forum to bring together banks, law enforcement, and regulators to discuss both emerging typology information (through the six expert working groups) and specific tactical intelligence (through the operations group) which facilitates an extremely rapid response to events such as terrorist attacks, as well as the sharing of information to support longer term investigations into serious organised crime. JMLIT is seen internationally as an example of best practice, but retains limitations, including the restricted membership and the high degree of coordination required with the public sector.
In 2017 we saw the introduction of ‘super SARs’ through the Criminal Finances Act which allowed regulated entities to initiate information sharing with other regulated entities, subject to a notification to the National Crime Agency (NCA), and then to submit a joint SAR to the NCA. This sounds very useful in theory, as the combining of information held by two institutions seems much more likely to demonstrate an actionable pattern of activity, but the amendment has not been as successful as was anticipated and a show of hands in the room suggested that few attendees had any personal experience with super SARs.
The creation of the National Economic Crime Centre (NECC) in 2018 was another initiative designed to enhance the UK’s ability to fight financial crime, bringing together law enforcement, government departments, and regulators with the aim of better intelligence sharing and collaboration between the public and private sectors.
The challenges
Commonly cited challenges to intelligence sharing include concerns around data privacy and other legal limitations, as well as more practical considerations of how to share information and how to get sufficient coverage, given restricted membership of forums such as JMLIT.
During the briefing we polled our audience to get their view of the blockers to information sharing, asking ‘what has stopped you from sharing financial crime-related information with your peers in the past?'
Interestingly 50% considered that the biggest blocker was a lack of opportunity, in terms of having a clear channel through which to share, or group to share with. Legal advice or risk concerns came in next, being cited by 38% of the audience.
The new information-sharing provisions
The Economic Crime and Corporate Transparency Act 2023, which received Royal Assent on 26 October, contains some key provisions that aim to make information sharing easier. In summary:
- The provisions allow for direct sharing of information between entities in the regulated sector
- There may be indirect sharing of information via a third-party intermediary for firms in the financial sector including electronic money institutions, payment service providers, and cryptoasset exchanges
- Information shared must be for the purposes of preventing, investigating or detecting ‘economic crime’, which is broadly defined and includes money laundering, terrorist financing, bribery, sanctions evasion, tax evasion, market abuse, and fraud
- There is no need for a notification to the NCA, and no need to have received a ‘sharing request’ from the receiving firm
Participating firms receive protection against a breach of confidence or other civil liability, if the disclosure is made for the purposes of preventing financial crime, and the party sharing the information must already have decided to take action against the customer.
These provisions undoubtedly represent a step forward from the existing position, but questions still remain. It is unclear how the third-party mechanism for indirect sharing will work and the Government has made it clear that any such mechanism needs to be developed by the private sector. Additionally, it is not entirely clear what constitutes a sufficient decision to ‘take action’ against a customer – an exit decision on the basis of financial crime risk would likely suffice but could a more limited action also meet the test, such as choosing to applying heightened monitoring. It is also true that institutions have other regulatory obligations and need to continue to comply with data protection principles, treating customers fairly and the conduct regime, all considerations which need to be balanced with information sharing.
When we polled our audience, 95% considered that these provisions would help them exchange intelligence that they do not currently share
– an overwhelmingly positive response which suggests the legislation does well to address the challenges earlier identified in the room as blockers to information sharing.
We concluded our session by flipping the script and asking attendees if they, as members of the public, trusted their bank to share information about them with other private institutions. 60% voted ‘no’. Perhaps being professionals operating in this space on a daily basis makes us more attuned to things that can potentially go wrong with information sharing, or perhaps we want to have actionable intelligence only when it suits us and to retain our personal rights to privacy.
Either way, these changes are now live, and we will watch with interest the implementation of the Act and subsequent developments in this crucial area in the fight against financial crime.
For more insight and guidance get in touch with Tom Townson, Sarah Wrigley, or Lucinda Hallan.