01 Nov 2018
Britain anticipates that the Financial Action Task Force (FATF) will rate its anti-money laundering (AML) and counter terror financing (CFT) processes positively, a Treasury minister has indicated.
The global AML body recently announced that it has discussed the United Kingdom’s mutual evaluation report, which examines a country’s financial crime systems and its degree of compliance with FATF standards. The report is set to be published in December.
Responding to questions from the Treasury Select Committee’s session on economic crime, Economic Secretary to the Treasury John Glen said: “My officials have been working very closely with those who have been doing those investigations. We have had a number of visits from them looking at different dimensions across all the issues that we will be discussing today.
“We are anticipating a favourable outcome … I have been very encouraged by the feedback I have heard during that process. It is exacting; it sets the global standards. Getting a clean bill of health from FATF is not an inconsiderable challenge.”
FATF said the report will be preceded by a quality and consistency review.
The effectiveness of the UK’s AML systems have become a key issues in recent years, especially in light of huge scandals such as the Panama Papers and Russian Laundromat, which raised questions about the role of British firms and banks in shady arrangements and law enforcement’s ability to fight financial crime.
Britain insists it has implemented several steps to combat money laundering, including setting up the Joint Money Laundering Intelligence Taskforce and unexplained wealth orders, which have been hailed by Prime Minister Theresa May.
– Irene Madongo
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet