HM Treasury has published its latest anti-money laundering and counter-terrorist financing (AML / CTF) supervision report covering 2015 to 2017. The report incorporates activity undertaken in 2015/16 and 2016/17, which supervisors provided to support the UK’s submission to the Financial Action Task Force (FATF), to demonstrate the effectiveness of the UK’s supervisory regime.
The report focuses on key areas including:
- supervisors’ understanding of money laundering / terrorist financing risk within their sector;
- how this understanding impacts on their supervisory approach, ensuring resources are deployed according to risk;
- engagement with law enforcement to share information and facilitate investigations;
- the impact of initiatives intended to promote awareness on compliance; and
- whether remedial actions, including effective, proportionate and dissuasive sanctions, are applied to penalise breaches and promote compliance.
Going forward, HM Treasury will revert to publishing this report annually.