Publishing its ‘Anti-money laundering and counter-terrorism financing supervision report 2017/18’, the HM Treasury has praised the UK Gambling Commission (UKGC) for its contribution to research and insights on UK AML concerns.
The Treasury publishes its seventh ‘AML/CTF report’, seeking to improve compliance transparency and accountability for UK supervisory stakeholders, across multiple business disciplines.
In its report, the HM Treasury consults UK statutory supervisory bodies’ the Financial Conduct Authority (FCA), HM Revenue and Customs (HMRC) and the UKGC for evidence and insights on improving AML frameworks.
The Treasury details that it will take-in diverse stakeholder feedback as its continues to undertake the ‘biggest reform to the UK’s AML/CTF regime in over a decade’, ensuring that UK business with is overseen by the highest levels of AML and financial crime supervision across all sectors.
As a ‘statutory supervisor’, the UKGC has presented HM treasury with insights and case studies on policies, standards and practices related to, customer ID verification, AML enforcement actions, compliance planning and development of risk-based approaches tackling fianancial crime.
Thanking the UKGC for its contribution, Economic Secretary to the Treasury, John Glen MP said: “The Financial Action Task Force Mutual Evaluation Report found that the Gambling Commission had a good understanding of the Money Laundering/Terrorist Financing risks in the gambling sector and applied a risk-based approach to supervision. I will look to the Gambling Commission for continued high standards of Anti-Money Laundering/Counter-Terrorist Financing supervision.”