This month, The UK government published its first national risk assessment of money laundering and terrorist financing.
The US has released two similar documents: the first in 2005 (U.S. Money Laundering Threat Assessment) and updated again in 2015 (National Money Laundering Risk Assessment 2015).
The U.S. financial system has long been the global leader in terms of regulatory standards. The UK’s threat assessment document is an indication that the global financial markets are slowly transitioning towards the U.S. regulatory standard and, in particular, increasing focus on the damage caused by money laundering and terrorist finance activity.
Those that wish to participate meaningfully in global commerce will eventually need to allocate resources to increased compliance costs related to money laundering and terrorist financing.
To learn more, contact the Anti-Money Laundering experts at AML RightSource.
John S. Ellis, JD
