Expert views mixed on proposed U.K. AML reforms
By 
Neil Hodge2023-08-29T12:39:00
The United Kingdom’s set of proposals to beef up anti-money laundering (AML) controls has received mixed reception from experts.
The Treasury released its consultation on the reform of its AML and countering the financing of terrorism (CFT) supervisory regime on June 30 following criticism from bodies including the Financial Action Task Force that the U.K.’s approach to oversight and monitoring was vulnerable and ineffective.
Currently, AML/CFT supervision in the United Kingdom is carried out by three statutory regulators—the Financial Conduct Authority (FCA); HMRC, the country’s tax watchdog; and the Gambling Commission—and 22 professional bodies representing accountancy and law firms.
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