UK Treasury Calls on Banks for Examples in Fight Against Money Laundering
The UK government is gathering real-life examples proving the prevention of financial crimes ahead of the 2027 international audit.
Ahead of a critical international evaluation in 2027, the UK government has asked bankers and legal professionals to provide concrete examples of dirty money blocked from entering the country, in order to prove that anti-money laundering controls are working.
Call for Evidence from the Treasury
The UK Treasury has asked bankers and legal professionals to share real-life examples to demonstrate progress made in preventing financial crimes.
This call stands out as part of the country's effort to prove its effectiveness in combating money laundering to international auditors, following a poor assessment in 2018.
International Evaluation Timeline
As the government aims to complete the evidence package to be submitted to the Financial Action Task Force (FATF) by October, the assessment team will visit the country for an on-site inspection next summer.
With the 2027 mutual evaluation approaching, pressure on the country's anti-money laundering regime continues to increase day by day.
Risks Facing London
According to National Crime Agency data, approximately £100 billion is laundered through or within the UK every year, and the legal sector has been classified as high risk since 2017.
Additionally, artificial intelligence-backed investment scams and the popularity of cryptocurrencies rank among the new threats facing the financial system.