The British government intends to draw heavily on banks and other businesses to eliminate gaps in its anti-money laundering regime cited by the Financial Action Task Force in a mutual evaluation report, a senior U.K. official said Wednesday. In December, the intergovernmental group assigned the United Kingdom the most favorable ratings of 60 countries evaluated in the past five years for effectiveness but warned officials to strengthen their supervision of lawyers and accountants for AML purposes and substantially increase the wherewithal of the U.K. Financial Intelligence Unit, or UKFIU. Despite FATF's mostly glowing assessment, pressure to bolster the U.K. AML...
The Financial Action Task Force's final report on Great Britain's anti-money laundering regime indicates that U.K. officials successfully lobbied other nations to water down and even exclude criticisms found in an earlier draft of the document obtained by ACAMS moneylaundering.com.
The United Kingdom has the most effective controls against money laundering and other financial crime out of 60 countries assessed by an intergovernmental group since 2013, according to an advanced copy of a report obtained by ACAMS moneylaundering.com.
Amid the mostly positive results outlined in its pending report on the United Kingdom, the Financial Action Task Force, or FATF, has also singled the country out for considerable criticism, especially for its "deliberate" choice to sideline its financial intelligence unit, UKFIU.