United Kingdom : Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)-Technical Note

This Technical Note (TN) sets out the findings and recommendations made in the context of the 2016 Financial Sector Assessment Program (FSAP) for the United Kingdom (U.K.) in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of the U.K.'s progress in addressing vulnerabilities in the banking sector and in enhancing transparency of legal entities and arrangements. In addition, the TN provides a factual update on the key measures taken by the authorities since the U.K.'s previous assessment against the Financial Action Task Force (FATF) standard in 2006. This is not in any way an evaluation or assessment of the U.K. AML/CFT system: the U.K. is scheduled to undergo an assessment against the FATF standard, which was revised in 2012, in mid-2018, the results of which should be made public.