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This section covers AML/CTF initiatives by HMT, NCA, FCA, JMLSG, HMRC, and other related UK organisations.
HMT Money Laundering Prevention
National Crime Agency updates
FCA Financial Crime: guide for firms
JMLSG industry guidance
HMRC Money Laundering Regulations
FATCA UK Regulations 2013
FATCA UK Regulations guidance 2013
Gambling Commission Money Laundering
OFT Money Laundering
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The new UK Register of Overseas Entities goes live
The Register went live on 1 Aug 2022 - Overseas entities who already own or lease land or property in the UK will also need to register with Companies House and advise who their registrable beneficial owners or managing officers are by 31 January 2023....
PRA/FCA conclude investigations into senior managers
The PRA & and FCA joint investigations into certain former senior managers at HBOS plc have now concluded with a decision by each of the Authorities’ independent decision-makers to take no further action. The Authorities gathered more than 2 million documents, interviewed..
UK ML/TF Regulations 2022 passed by Parliament
UK ML/TF (Amendment) (No. 2) Regulations 2022 come into force on 1 Sept 22 extending the scope of BO reporting discrepancies among others. Reg 13 makes it clear that supervisory authorities can directly require members to show them SARs “to help them in fulfilling...
UK’s AML/CFT regulatory & supervisory regime
The amendments includes ensuring the regulated sector “provides valuable intelligence” to highlight that “effective” prevention involves more than just technical compliance, ensuring supervisors both monitor and enforce compliance with the...
HMRC Guidance on AML for UK Art Market
HMRC publishes guidance to help art market participants meet their obligations for money laundering supervision. Art market
participants who deal in sales, purchases and/or storage of works of art with an individual value, for a single transaction, or a series...
HMRC consults taxation of decentralised finance
The government aims to establish clear tax and regulatory treatment of cryptoassets to place the UK at the forefront of safe, sustainable, and rapid innovation in cryptoasset and blockchain technologies. DLT uses cryptography to maintain a decentralised database acting...
HMT ML advisory notice: high-risk third countries
Businesses are required to apply enhanced customer due diligence and enhanced ongoing monitoring in any business relationship with a person established in a high-risk third country or in relation to any relevant transaction where either...
HMRC Guidance on Accountancy sector for ML supervision
The guidance helps accountancy related businesses meet their obligations for money laundering supervision, including customer due diligence, record keeping and reporting suspicious activity intended for those who provides audit, accountancy, tax advisory, insolvency...
UK Report on Cost of Complacency: illicit finance
UK Foreign Affairs Committee publishes its report on The Cost of Complacency: illicit finance and the war in Ukraine, calling for a substantial increase in funding and expert resourcing for the NCA, SFO and other responsible agencies...
UK Govt Report on The Cost of Complacency: illicit finance and the war in Ukraine
The report underlines the imperative of implementing beneficial ownership rules and robust reform of Companies House, including new powers for the company registrar to verify information to ensure accuracy as well as discretionary powers to remove corporate entities...
FCA laments on ‘red flags’ missed by crypto firms
FCA said many crypto firms that have applied to register under MLR miss financial crime “red flags” and have inadequate controls. Crypto is “high-risk and unregulated, which means (people) are unlikely to have protection if things go wrong, so if they choose to invest in crypto...
HMT publishes post implementation review of the OPBAS regulations
HM Treasury have developed 4 different policy options for supervisory reform. 1. The first of these is the OPBAS+ model which involves formally expanding the remit of OPBAS to focus on effectiveness of PBSs, rather than just technical compliance; and expanding OPBAS’s...