{
  "title": "United Kingdom: Financial Sector Assessment Program-Some Forward Looking Cross-Sectoral Issues",
  "publication": "IMF Staff Country Reports, April 8, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-some-forward-looking-cross-sectoral-516282",
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  "summary": "The United Kingdom faces significant money laundering threats from foreign criminal proceeds, owing to its status as a global financial center, but the authorities have a strong understanding of these risks.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The United Kingdom faces significant money laundering threats from foreign criminal proceeds owing to its status as a global financial center.\n- The authorities estimated the realistic possibility of hundreds of billions of pounds of illicit proceeds being laundered in their jurisdiction.\n- This technical note (TN) focuses on key aspects of the United Kingdom’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime: risk-based AML/CFT supervision, entity transparency and international cooperation."
    },
    {
      "heading": "Principal money laundering threats and sources",
      "content": "- Illicit proceeds from foreign crimes, including:\n  - transnational organized crime,\n  - overseas corruption,\n  - tax crimes.\n- Some Crown Dependencies (CDs) and British Overseas Territories (BOTs) have featured in U.K. money laundering investigations.\n- Emerging risks include cryptoassets."
    },
    {
      "heading": "High-risk sectors and service providers",
      "content": "- Financial services.\n- Trust and company service providers (TCSPs).\n- Accountancy sector.\n- Legal sector."
    },
    {
      "heading": "Contextual drivers of risk",
      "content": "- Brexit has an impact upon the money laundering risks in the United Kingdom.\n- The COVID pandemic has an impact upon the money laundering risks in the United Kingdom."
    },
    {
      "heading": "Authorities’ assessment capacity and recommended enhancements",
      "content": "- The authorities have demonstrated a deep and robust experience in assessing and understanding their ML/TF risks.\n- Leveraging technology tools such as big data and machine learning to analyze cross-border payments may add further dimension to their risk assessments."
    },
    {
      "heading": "Focus areas of the technical note (TN)",
      "content": "- Risk-based AML/CFT supervision.\n- Entity transparency.\n- International cooperation.\n\nUnited Kingdom: Financial Sector Assessment Program-Some Forward Looking Cross-Sectoral Issues (IMF Staff Country Reports 2022, Issue 108, Pages: 69).\n\n---\n\n Content in this bundle\n\n- 1. Post-Brexit AML/CFT Legal Framework\n  - 1. Post-Brexit AML/CFT Legal Framework (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Post-Brexit AML/CFT Legal Framework (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: April 8, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400206771.002",
    "The United Kingdom faces significant money laundering threats from foreign criminal proceeds owing to its status as a global financial center.",
    "The authorities estimated the realistic possibility of hundreds of billions of pounds of illicit proceeds being laundered in their jurisdiction.",
    "This technical note (TN) focuses on key aspects of the United Kingdom’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime: risk-based AML/CFT supervision, entity transparency and international cooperation.",
    "Illicit proceeds from foreign crimes, including:",
    "Some Crown Dependencies (CDs) and British Overseas Territories (BOTs) have featured in U.K. money laundering investigations.",
    "Emerging risks include cryptoassets.",
    "Trust and company service providers (TCSPs).",
    "Accountancy sector.",
    "Legal sector.",
    "Brexit has an impact upon the money laundering risks in the United Kingdom.",
    "The COVID pandemic has an impact upon the money laundering risks in the United Kingdom.",
    "The authorities have demonstrated a deep and robust experience in assessing and understanding their ML/TF risks.",
    "Leveraging technology tools such as big data and machine learning to analyze cross-border payments may add further dimension to their risk assessments.",
    "Risk-based AML/CFT supervision.",
    "Entity transparency.",
    "International cooperation.",
    "**1. Post-Brexit AML/CFT Legal Framework**"
  ],
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