Call for Information: Anti-Money Laundering Supervisory Regime
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A call for evidence to review the UK’s Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Supervisory Regime.
The National Risk Assessment (October 2015) highlighted weaknesses in the UK’s overall Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) regime. One of the weaknesses identified was inconsistency in supervision.
HM Treasury has committed to undertake a review of the UK’s AML/CFT Supervisory Regime and examine options for reform that will address those inconsistencies and build a more effective system. This review represents an important step towards ensuring that the UK’s regime is proportionate and meets the standards set by the Financial Action Task Force (FATF), ahead of the UK’s FATF Mutual Evaluation in 2017/2018.
Published: 21 April 2016
Updated: 21 April 2016
- Updated document - sentence added: "The UK has an anti-money laundering and counter-terrorist financing regime that makes the UK a hostile environment for illicit finance. The regime relating to Politically Exposed Person (PEPs) will be both robust and proportionate with resources focused on higher-risk individuals in line with international best practice."
- First published.
From: HM Treasury