National Risk Assessment For Money Laundering And Terrorist Financing
On 26 October 2017, the Treasury published an update to the National Risk Assessment (NRA) of money laundering and terrorist financing.
The NRA is the Government's assessment of the key Money Laundering (ML) and terrorist financing threats facing the UK including the susceptibility of the sectors to money laundering and terrorist financing.
Key findings from the report include:
- the criminal exploitation of banks, professional and financial services and cash remain the greatest areas of money laundering risk to the UK
- cash remains the preferred method for terrorists to move funds through and out of the country
- a wide-ranging set of reforms by the government, like introducing the ability to investigate suspicious asset trails and to crack down on illicit finance over recent years are starting to take effect.
We encourage firms to review the document alongside other guidance such as the FCA Guide for Firms and JMLSG with a view to understanding how the risks identified could have an impact on them.