HM Treasury report shows shifting supervisory efforts, few AML penalties

The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the highlighted concerns. 

The report provides an overview of the the activities of the UK’s three statutory regulators—the Financial Conduct Authority, HM Revenue & Customs (HMRC) and the Gambling Commission—and the 22 professional body supervisors (PBSs) that police their members for anti-money laundering (AML) purposes. It also makes for interesting reading, particularly against the background of the extremely favourable FATF Mutual Evaluation Report (MER) issued in December 2018. 

Read more at KYC360.