The recent government Action Plan for Anti-Money Laundering and Counter-Terrorist Finance contains 19 planned Actions across three priorities:
- a more robust law enforcement response;
- reform of the supervisory regime, and
- increase the UK’s international reach to tackle money laundering and terrorist financing threats.
It is the second of these priorities which will be of particular interest to businesses. The government wants to focus on a risk-based proportionate approach. Reforms to remove unnecessary red-tape are anticipated to be announced by August/Sept 2016.
There will also be work with the Charities Commission to support UK charities operating in difficult environments overseas in order to mitigate the risk of their funds being abused for terrorist purposes.
For more information on our risk-based approach to fraud risk management see the relevant section of our guide.
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