The Financial Action Task Force (FATF) has acknowledged the work done by the UK in remedying deficiencies found in 2007.
In that year FATF issued a report on the UK’s compliance with FATF’s 40 Recommendations (and the 9 Special Recommendations). Although hardly a damming report there were a few modest deficiencies found; of most concern to FATF was Recommendation 5 (customer due diligence).
The report also included an action plan.
The 2009 follow-up report by FATF concluded that the UK has now reached a satisfactory level of compliance with all core and key recommendations.
As a reward, FATF has decided that the UK should be removed from the ‘follow-up’ process and instead need only report on any further improvements in its AML/CTF system on a biennial basis.
