In this musing I provide updates from FCA/HMT/HMO anti-money laundering and counter-terrorist financing initiatives between APRIL – JUNE 2016

• HM TREASURY PUBLISHES FIFTH ANNUAL AML AND CTF SUPERVISION REPORT

HM Treasury has published its supervision report for the year to April 2015, which evaluates the effectiveness of the range of approaches taken by supervisors of firms in relation to financial crime risks.

• UK HOME OFFICE AND HM TREASURY PUBLISH JOINT ACTION PLAN FOR AML/CTF

The Home Office and HM Treasury Action Plan for AML/CTF has been published (April 2016). It sets out three priorities for tackling money laundering and terrorist-finance: an enhanced law enforcement response to AML/CTF threats; reform of the supervisory regime; and efforts to extend the international reach of law enforcement.

• FCA PUBLISHES CONSULTANT’S FINDINGS FROM RESEARCH INTO BANK DE-RISKING

The FCA has published (24/5/2016) the findings of consultants John Howell & Co Ltd’s research into the extent and causes of bank de-risking.

• HM TREASURY PUBLISHES CONSULTATION ON UK AML SUPERVISION REGIME

HM Treasury ran a consultation, which closed to responses on 2 June 2016, on the UK AML supervision regime. They sought the views of supervisors, regulated businesses, NGOs and the public, focusing on the system of appointing supervisors, the powers of supervisors to incentivise compliance, progress in adoption of the risk-based approach and how supervisors interact with supervised businesses.