On 8th July, HM Treasury published its annual report for 2017 to 2018 on AML/CFT supervision.  In order to improve the transparency and accountability of supervision and to encourage good practice by the various supervisory authorities, the Treasury has worked with supervisors to develop an annual report on AML/CFT supervision.  It refers to the fact that, in 2018, OPBAS conducted initial visits to all 22 non-government supervisors to assess their respective AML/CFT frameworks.  It also says that Treasury will also looking to the statutory supervisors – the FCA, HMRC and the Gambling Commission – for evidence of improvements in their areas of supervision.  An Annex to the report includes the key findings from FATF following its recent evaluation of the UK AML/CFT regime.  Another Annex lays out the FATF specified characteristics of an effective AML/CFT system.


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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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