ANTI-MONEY LAUNDERING
AIA’s response to plans for AML reform AIA calls for practical reform to the UK AML Supervision Framework in response to HM Treasury’s ‘Reforming anti-money laundering and counter-terrorism financing supervision’ consultation.
David Potts Director of Operations, AIA
Author bio
David Potts is director of operations at the AIA.
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T
he Association of International Accountants (AIA) presented a response to HM Treasury’s ‘Reforming anti-money laundering and counter-terrorism financing supervision’ consultation, published
in June 2023. AIA strongly supports measures to combat money laundering and terrorist financing and recognises the significant role that accountants play as gatekeepers to financial integrity. As a professional body supervisor recognised under Schedule 1 of the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), AIA understands its key role in preventing economic crime and contributing to a robust approach to anti-money laundering (AML) safeguards. This consultation response builds upon evidence previously submitted to the following calls for evidence: ● The Treasury Select Committee’s Economic Crime Inquiry 2020; ● HM Treasury’s Review of the UK AML/CFT Regulatory and Supervisory Regime 2021; and
● HM Treasury’s consultation into Amendments to the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022 The response is also framed following discussion with other professional body supervisors. Working with other accountancy sector supervisory bodies through the Accountancy AML Supervisors’ Group (AASG), the Intelligence Sharing Expert Working Group (ISEWG) and more widely with government, regulators and other sectors through the AML Supervisors Forum (AMLSF) and Public Private Threat Groups (PPTGs) enables a real publicprivate partnership delivering a focused response to the serious threat of money laundering and terrorist financing. Although AIA shares the government’s commitment and ambition to reforming the AML regime to ensure the effective combat of economic crime, it should be stressed that this can only be achieved by working positively with the various sectors present in the United Kingdom and building upon progress made since the ISSUE 132 | AIAWORLDWIDE.COM
