UK Law Commission Recommends Changes to AML Regime
The UK’s Law Commission has published a report offering recommendations on how to improve the current anti-money laundering regime. The report, Anti-money Laundering: the SARS Regime, focusses on the suspicious activity reporting (SAR) process and the relevant legislative framework that surrounds it, including the General Data Protection Regulation.
The Commission’s report does not recommend amendments to primary legislation, but suggests that more detailed guidance needs to be issued to improve the current system. Such recommendations include:
- A new advisory board to advise the Secretary of State on improvements to the regime and develop and supervise any new guidance.
- To oblige the government to issue new statutory guidance on the key legal concepts within the framework to provide clarity and certainty about a firm’s reporting obligations.
- A new easy-to-use online SAR report, which will move to ensure more consistent data is provided to the UK’s Financial Intelligence Unit.
You can find the full report here.