Wolfsberg Group response to HM Treasury Consultation on the Reform of AML and CTF Supervisory Regime

EU extends restrictive measures on chemical weapons
HKMA publishes circular on combatting digital fraud

The Wolfsberg Group has published its response to HM Treasury’s Consultation on the Reform of the Anti-Money Laundering and Counter-Terrorism Financial Supervisory Regime.

Following the Treasury’s call for evidence in June 2023, the Group has recommended that the UK adopts Model 3 – a Single Professional Services Supervisor.

The response presents the Group’s reasonings based on the following areas:

  • Information Sharing, Public-Private Partnerships and National Threat Priorities;
  • Risk-Based and Effective Outcome-Based Supervision;
  • Dissuasive Sanctions;
  • Supporting Cross-Cutting Government Policies; and
  • Sanctions.

The response also includes the Group’s views on the ‘Disadvantages of Model 4’, a Single Anti-Money Laundering Supervisor #SAS.

Firms can view the Wolfsberg response to the consultation in advance of potential forthcoming reforms to the UK’s AML-CTF supervisory regime.


Share with: