On 5th March, HM Treasury released the latest annual report on AML/CFT supervision.  HM Treasury appoints supervisors to monitor the AML/CFT compliance of businesses that are in the scope of the Money Laundering Regulations.  In order to improve the transparency and accountability of supervision and to encourage good practice, HM Treasury has worked with supervisors to develop an annual report on supervision.

The 2015 UK National Risk Assessment identified and assessed the money laundering and financing of terrorism risks faced by the UK, finding that the effectiveness of the supervisory regime in the UK is inconsistent and, whilst some supervisors are highly effective in some areas, there is room for improvement. An action plan was put in place which included a review of the supervision system, and this report shows progress in several areas.  The government has also established the new Office for Professional Body AML Supervision (OPBAS) hosted by the FCA, which will work with professional body AML supervisors to help ensure they provide consistently high standards of supervision.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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