Wolfsberg Group Responds to HM Treasury AML/CTF Consultation

29 September 2023

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Wolfsberg Group Responds to HM Treasury AML/CTF Consultation

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.

Read the full response

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