UK Government urged to increase AML checks | Hudson McKenzie

UK Government urged to increase AML checks

The Treasury Committee recently reported on the scale of economic crime, claiming that the necessity for the accuracy of Anti-Money Laundering (AML) checking is vital.

According to the Treasure Committee, the UK should not compromise its battle against economic crime when securing any trade deals post-Brexit. To do this, the Treasury Committee urges the UK Government to review all Anti-Money Laundering supervision upon a more frequent level. Furthermore, the Treasury Committee also stated that new powers should be delegated to Companies House, in relation to the process of checking Anti-Money Laundering documents.

For instance, so to decrease the scale of economic crime with the UK, the Treasury Committee has urged that the UK Government should implement a more frequent system, in relation to AML checking. This is particularly because, it is claimed that the current AML supervision system is “highly fragmented”.

The current statutory AML supervisors in place are; HMRC, the FCA and the Gambling Commission, however the Treasury urges further that to reduce the evident fragmentation in AML checking, a “supervisor of supervisors” should be created, so to ensure consistency across the current AML supervisors.

The report comes specifically in the lead up to the Brexit due date at the end of March, in which the Treasury forewarns that there are likely to be increased risks in economic crime, which is why the UK government should prepare itself accordingly. This is especially because following from Brexit, the UK is likely to seek economic trade deals from non-EU countries, in which may have “lower standards” of AML checks than the UK at present, leading to a higher risk of economic crime occurring.

To find out more about the latest report on economic crime, please click here

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