House of Commons · Written Ministerial Statement
Review of the UK’s AML/CFT regulatory and supervisory regime
27 June 2022 · Treasury
Proposed by John Glen Con Salisbury
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The UK government has published a comprehensive assessment of its anti-money laundering and countering the financing of terrorism controls.
- The review outlines future areas of focus for the regulatory and supervisory regime.
- Consultations will be held on key proposals to modify how firms are supervised for AML purposes.
Issue summary
This statement addresses the review of the UK's anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory and supervisory regime.
Action requested
The government has published a thorough assessment of money laundering controls, outlining areas for future focus. It includes commitments to consult on key proposals for change, particularly in how firms are supervised for AML purposes, and considers modifying regulations around domestic politically exposed persons (PEPs) based on risk assessments.
Key facts
- The review covers statutory post-implementation reviews of SI 2017/692 and SI 2017/1301.
- The Economic Crime (Transparency and Enforcement) Act 2022 introduces key reforms to beneficial ownership registers and enhances unexplained wealth orders and sanctions regimes.
- On June 15, HM Treasury laid the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 before Parliament.