In December 2014 the UK Government published an Anti-Corruption Plan (the Plan) which brought together for the first time all of the UK’s anti-corruption efforts under one cross-departmental plan.
Whilst noting that the UK already has a tough anti-money laundering (AML) regime the Plan put forward a number of action points in this space. The UK Government has now published a update on the Plan and in relation to the action points on AML the following is noted:
- good progress has been made on implementing the 66 actions in the Plan, with 62 actions having been delivered or on track to be delivered, e.g. completion of the National Risk Assessment on Money Laundering and Terrorist Financing (AML/CTF National Risk Assessment); production of the Anti-Money Laundering Action Plan (the Action Plan) to address issues highlighted by the AML/CTF National Risk Assessment; increased National Crime Agency liaison with the financial sector to support business in reducing their exposure to money laundering; Suspicious Activity Reporting (SAR) regime review; and abolition of bearer shares; and
- work is on-going in UK Government departments with a range of partners to deliver against the remaining actions in the Plan to improve the response to combat corruption and money laundering both here in the UK and around the world, e.g. continued collaborative work with stakeholders from across the reporting sectors; regulators and law enforcement agencies on the detail of the changes to the SAR regime; implementation of the Plan’s three priorities to make the UK a more hostile place for those seeking to move, hide or use the proceeds of crime; and Joint Money Laundering Intelligence Taskforce’s (JMLIT’s) delivery of a more informed prioritisation of risks by banks, an improved collective understanding of new and emerging money laundering threats, and targeted intervention activity by law enforcement.
View Progress update on the UK anti-corruption plan, 12 May 2016
View UK anti-corruption plan, 12 May 2016