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Financial services
Anti-money laundering & counter terrorist finance
The Government’s overriding goal in the fight against money laundering and terrorist finance is to protect its citizens and reduce the harm caused by crime and terrorism. Money laundering refers to money or other assets that are obtained through criminal means and exchanged for clean money or assets.
Whilst finance is the lifeblood of criminal and terrorist networks, it is also one of their greatest vulnerabilities. The anti-money laundering regime helps detect, deter and disrupt crime, by reducing the likelihood of legitimate businesses being used for money laundering and providing information useful to law enforcement.
Criminals operate across jurisdictions and without regard to national borders. To be successful, anti-money laundering measures need to be global. As such the UK is an active participant in the development of global standards agreed by countries of the Financial Action Task Force (FATF). These standards are implemented in Europe through the 3rd EU Money Laundering Directive and in the UK through the Money Laundering Regulations 2007, the Proceeds of Crime Act 2002 and the Terrorism Act 2000. The Treasury shares responsibility for the anti-money laundering regime in the UK with the Home Office. Working collaboratively across government and the private sector, and on an international scale, is vital to tackling money laundering and terrorist finance.
The Treasury is responsible for:
- the UK’s participation in the Financial Action Task Force;
- implementing EU Directives (external website, opens in a new window);
- the Money Laundering Regulations 2007 (external website, opens in a window);
- the cross-Whitehall strategy on terrorist finance in conjunction with the Home Office; and
- financial restrictions under the Counter-Terrorism Act 2008.
The Treasury is also responsible for implementing financial sanctions agreed by the United Nations and European Union.
The Home Office is responsible for policy and legislation relating to the investigation and prosecution of money laundering, financial crime and fraud, and the obligations on businesses to report suspicious activity to SOCA under the Proceeds of Crime Act 2002.
Related links
The counter illicit finance team offers a subscription facility for notification by email when anti-money laundering (AML) or counter terrorist financing (CTF) announcements are made by HM Treasury.
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Anti-money laundering & counter terrorist finance index
