HM Treasury praises UKGC’s ‘supervisory insights’ on tackling AML

HM Treasury has praised the UK Gambling Commission (UKGC) for its contribution of research and insights, submitted on its UK ‘supervision report’ related to combatting AML and counter-terrorism financing.

This week the Treasury published its seventh ‘Anti-money laundering and counter-terrorism financing report 2017/18’, helping UK business stakeholders gain transparency, accountability and oversight on how financial crimes are monitored and reported.

In its report, the Treasury consults three main ‘statutory supervisory bodies’ – the UKGC, the FCA and HMRC, providing evidence, research and insights on AML policy frameworks and practices.

Issuing a statement, the Treasury has praised UKGC participation, stating that the gambling commission’s AML insights and professional feedback will be of vital use, as the UK government undertakes its ‘biggest reform to the UK’s AML/CTF regime in over a decade’.

As a ‘statutory supervisor’, the UKGC has presented HM treasury with insights and case studies on policies, standards and practices related to, customer ID verification, AML enforcement actions, compliance planning and development of risk-based approaches tackling fianancial crime

Thanking the UKGC for its contribution, Economic Secretary to the Treasury, John Glen MP said:

“The Financial Action Task Force Mutual Evaluation Report found that the Gambling Commission had a good understanding of the Money Laundering/Terrorist Financing risks in the gambling sector and applied a risk-based approach to supervision. I will look to the Gambling Commission for continued high standards of Anti-Money Laundering/Counter-Terrorist Financing supervision.”