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UK publishes review of anti-money laundering regime
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LONDON (Reuters) – Britain’s finance ministry published on Friday a review of the country’s anti-money laundering rules and its system for countering the financing of terrorism, part of a broader push by the government to crack down on economic crime.
LONDON (Reuters) – Britain’s finance ministry published on Friday a review of the country’s anti-money laundering rules and its system for countering the financing of terrorism, part of a broader push by the government to crack down on economic crime.
“This review has made clear that some of our most powerful levers for change are those which are wider than the regulations, including how we work with partners in law enforcement and beyond,” the ministry said.
“The government is due to publish its second Economic Crime Plan later this year, and many areas of interest from this review will naturally flow into that wider forum.”
(Writing by William Schomberg)
Anti-money laundering (AML) refers to laws and regulations aimed at preventing the process of making illegally obtained money appear legitimate. It involves various measures to detect and report suspicious activities.
The financing of terrorism involves providing financial support to individuals or groups that engage in terrorist activities. It is a serious crime and is often addressed through specific regulations and enforcement actions.
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