Effectiveness, proportionate approach, and supervisory powers are some of the themes assessed in the UK’s Financial Crime Regime review. Resulting from the 2019 – 2022 Economic Crime Plan, Her Majesty’s Treasury (HMT) has opened a consultation of the UK’s anti-money laundering (AML)/counter-terrorist financing (CTF) regulatory and supervisory regime and bodies. Following our panel discussion with industry executives, to address the themes raised by HMT on its systemic effectiveness, structure, and practical application of the Money Laundering Regulations (MLRs), ACAMS has submitted a response covering some of the thematic issues discussed.
The AFC ecosystem must be agile and dynamic in its fight against illegal activity, and seize the opportunity presented under this review to determine how best to tackle this global issue. In support of this, ACAMS has identified some priority areas that should be considered as part of the broader review.