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

 

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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