HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23
Update
The UK has a comprehensive anti-money laundering and counter-terrorist financing (AML/CTF) supervisory regime responsible for ensuring that a range of sectors and firms take effective action to identify and prevent money laundering and terrorist financing. HM Treasury works closely with the supervisors to deliver this: the Financial Conduct Authority (FCA), His Majesty’s Revenue and Customs (HMRC), the Gambling Commission (GC) and the 22 legal and accountancy Professional Body Supervisors (PBSs), as well as with the Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
AML/CTF supervisors continue to play a critical role in protecting the UK against the threat of economic crime. This includes important actions such as registering regulated firms, updating them on the latest risks in their sector, overseeing firms’ application of the MLRs, supporting and monitoring firms’ compliance and effectiveness, and taking enforcement action where necessary.
This is HM Treasury’s eleventh report on AML/CTF supervision. This report provides information on the performance of AML/ CTF supervisors in the 2022-23 financial year and fulfils HM Treasury’s obligation, under Section 51 of the Money Laundering Regulations (MLRs), to publish an annual report on supervisory activity using information requested from supervisors.
Each chapter of the report considers a specific area: Chapter 2 details each supervisor’s risk-based approach in relation to supervising their population, outlines their supervisory activity and considers information-sharing, Chapter 3 considers supervisors’ use of dissuasive enforcement to promote compliance with the AML/CTF standards among their supervised population.