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UK seeks case studies to prove its anti money laundering controls work
The Treasury is collecting evidence ahead of a Financial Action Task Force review in October, with an on site visit planned for next summer.
The UK government has launched a call for evidence asking banks, lawyers, and other City firms to provide case studies of steps they took to stop dirty money from entering the country, as ministers work to demonstrate that London has improved its anti money laundering controls.
The material is intended for the UK’s submission to the Financial Action Task Force in October, after which FATF assessment teams are scheduled to visit the UK next summer. The effort comes after the UK’s 2018 FATF assessment fueled allegations that London had become a hub for illicit funds.
The article highlights an ongoing challenge for the UK, citing estimates that around £100 billion is laundered through or within the UK each year. It also notes that the UK’s national risk assessment has classified the legal sector as high risk for money laundering and terrorist financing in every assessment since 2017.
Moody’s, according to the piece, warned that pressure on the UK’s AML regime is intensifying as the country approaches its next FATF mutual evaluation in 2027, pointing to continued laundering despite supervision costs and due diligence, and flagging emerging risks including AI fueled investment fraud and cryptocurrency use.