The Financial Action Task Force (FATF) has found that the UK has taken "sufficient action" in remedying deficiencies identified in its anti-money laundering legislation and that the country's laws are now up to scratch with the Task Force's core and key recommendations.
The FATF revealed on November 10 that the UK had made good progress in addressing the shortcomings highlighted in its June 2007 Mutual Evaluation Report and has therefore been removed from the regular follow-up process. As a result, the UK will now report any updates to its anti-money laundering legislation on a biennial basis.
The FATF is an inter-governmental body created in 1989 whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. Countries attempt to comply with the FATF's "40 + 9 Recommendations" in order to meet this objective.
In its 2007 mutual evaluation, the UK was rated partially compliant on Recommendation 5 (customer due diligence), and as a result, it was placed in the regular follow-up process. The Follow-Up Report agreed by the FATF in October 2009 stated that the UK had sufficiently brought its legislation into line with Recommendation 5, and that all the Core and Key Recommendations are at a level "essentially equivalent" to being "compliant" or "largely compliant."
The main pieces of legislation combatting anti-money laundering and terrorist financing in the UK are the Proceed of Crime Act 2002, the Terrorism Act 2000, and the Money Laundering Regulation 2007. Under the 2007 money laundering regulations, firms are required to put in place policies, procedures or systems in order to prevent money laundering or terrorist financing. Regulated businesses are also required to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations and in “any other situation which by its nature can present a higher risk of money laundering or terrorist financing.”
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