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Review of the UK’s AML/CFT regulatory and supervisory regime

27 June 2022

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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.
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