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.
  • Overview
  • 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).
  • Shortcomings
  • 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.

Regulators UK OFSI; UK Treasury
Entity Types Auditor; Bank; BS; Ins; Pension
Reference PR, 7/8/2019; MLR 2017
Functions AML; Anti-Bribery; Financial; Reporting; Risk; Treasury
Countries United Kingdom
Products Banking; Insurance; Loan; Pensions
Regions EMEA
Rule Type Guidance
Rule Date 7/8/2019
Effective Date 7/8/2019
Rule Id 62441
Linked to Rule :54550
Report Issue 7/15/2019
Report Section AML & Enforcement

Last substantive update on 07/09/2019