HM Treasury and the Home Office have published the first comprehensive assessment of money laundering and terrorist financing risk in the UK.
The Government’s aim is to maintain the UK’s position as a global financial centre and ensure the country has robust anti-money laundering (AML) and counter terrorist finance (CTF) regimes.
The government will formulate an action plan to deal with the gaps in the current AML and CTF regimes.
The key priorities include:
- plugging intelligence gaps, particularly those associated with ‘high end’ money laundering through the financial and professional sectors;
- enhancing law enforcement response to tackle the most serious threats;
- addressing the inconsistencies in the supervisory regime that have been identified through the assessment; and
- working with supervisors to improve individuals’ and firms’ knowledge of money laundering and terrorist financing risks.
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