International evaluation of the UK’s AML regime
The Financial Action Task Force (FATF), an inter-governmental body that sets international standards for combating money laundering and terrorist financing, will shortly conduct a peer review of the effectiveness of the UK’s anti-money laundering policies.
FATF member states intermittently undergo this process, known as a ‘mutual evaluation’. During the process, a team of FATF assessors will consult AML supervisors to judge the effectiveness of the UK’s compliance with international standards and requirements. FATF assessors will also meet some firms face to face in March, and interview them on their compliance procedures.
The year-long process seeks to identify where a country’s AML performance could be improved. The results of negative findings, however, could have implications for the UK’s reputation in the fight against economic crime.
A report will be issued by FATF in November/December.