UK FATF MUTUAL EVALUATION ASSESSMENT REPORT PUBLISHED

On 7 December, FATF published its report on the recent evaluation of the UK AML/CFT system, saying that the UK has a well-developed and robust regime to effectively combat money laundering and terrorist financing, but that it needs to strengthen its supervision, and increase the resources of its FIU. The report says that it needs to address certain areas of weakness, such as supervision and the reporting and investigation of suspicious transactions.  However, the country has demonstrated a robust level of understanding of its risks, a range of proactive measures and initiatives to counter the significant risks identified and plays a leading role in promoting global effective implementation of AML/CFT measures.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-united-kingdom-2018.html

https://www.gov.uk/government/news/uk-takes-top-spot-in-fight-against-dirty-money

http://www.nationalcrimeagency.gov.uk/news/1514-nca-s-key-role-in-uk-being-judged-world-leader-in-illicit-finance-fight

The report is available at –

http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/MER-United-Kingdom-2018.pdf

RUSI Experts React to UK’s Financial Action Task Force Mutual Evaluation Report

https://rusi.org/rusi-news/rusi-experts-react-uk-financial-action-task-force-mutual-evaluation-report

 

UK secures highest rating for financial sanctions, says OFSI

A post on the OFSI blog on 7 December said that FATF have just given the UK the highest possible rating for its measures in promoting the global use of financial sanctions against terrorism and proliferation of WMD.  The Director of OFSI says in the post that the FATF report is a significant staging post but not the end and “we will use it as a catalyst to build on our achievements”.

https://ofsi.blog.gov.uk/2018/12/07/uk-secures-highest-rating-for-financial-sanctions/

 

Asian export nations soft on corporate bribes of foreign officials

Nikkei Asian Review on 7 December reported that Asia’s largest export countries show scant interest in holding their companies accountable for bribing foreign civil servants, according to a recent report from Transparency International, a Berlin-based NGO: “Exporting Corruption — Progress Report 2018”.  The paper showed that 5 countries and 1 territory practice “little or no” enforcement against companies suspected of paying off officials.

https://asia.nikkei.com/Politics/International-Relations/Asian-export-nations-soft-on-corporate-bribes-of-foreign-officials