On 9 June 2022, the Financial Action Task Force (FATF) published a follow up report and technical compliance re-rating on anti-money laundering and counter-terrorist financing measures in the United Kingdom. The report analyses the UK’s progress in addressing the technical compliance deficiencies identified in its mutual evaluation report, relating to recommendations 13 and 29. The report also analyses the UK’s progress in implementing new requirements relating to FATF recommendations that have changed since the on-site visit of the UK in March 2018.

Key findings in the report include:

  • The findings provide that, the UK is compliant on 24 recommendations and largely compliant on 15. It remains partially compliant on 1 recommendation (recommendation 29 – financial intelligence units). It’s rating on recommendation 13
  • The FATF has changed the UK’s rating on recommendation 13 (correspondent banking) from partially compliant to compliant.
  • The UK will remain in regular follow up and will continue to inform the FATF of progress achieved on improving the implementation of its anti-money laundering / countering the financing of terrorism measures.