UK Treasury AML/CFT Report
On Jul. 8, UK Treasury issued AML/CFT supervision report 2018.
- 2017-18 report is on anti-money laundering, counter-terrorist finance supervision.
- Treasury appoints supervisors to monitor AML/CFT compliance of MLR businesses.
- To improve transparency, accountability of supervision, encourage good practices,
Treasury worked with supervisors to create annual report on AML/CFT supervision.
- Follows FATF Dec. 2018 review on UK measures to combat AML/CFT, see #50349.
- FATF Recognized that UK’s AML/CTF regime, is the strongest of over 60 countries.
- Indicative of steps taken by UK GVT, including in partnership with private sector.
- However MER noted shortcomings in preventative measures that regulated firms
take under money laundering regulations 2017 (MLRs) to detect, deter AML/CFT.
- Cited performance of supervisors who monitor, facilitate, ensure MLR compliance.
- In particular, shortcomings found amongst professional body supervisors (PBSs).
- UK GVT accepts MER findings and is progressing measures to redouble AML fight.
- Established OPBAS as part of package of reforms to strengthen AML, see #33243.
- OPBAS oversees professional bodies for a consistent standard of AML supervision.
- In 2018, OPBAS conducted supervisory assessments of PBSs to assess how they
supervise their members in line with MLRs and guidance in the OPBAS sourcebook.
- And Mar. 2019, FCA issued findings of AML supervisory assessments, see #54550.
- Report found significant weaknesses in the PBSs’ approach to supervision of AML.
- PBSs asked to develop individualized AML strategy plans on rectifying deficiencies.
||UK OFSI; UK Treasury
||Auditor; Bank; BS; Ins; Pension
||PR, 7/8/2019; MLR 2017
||AML; Anti-Bribery; Financial; Reporting; Risk; Treasury
||Banking; Insurance; Loan; Pensions
||AML & Enforcement
Last substantive update on 07/09/2019