State of Financial Crime 2023 Report
The UK and EU opted for a “minimalist” approach on the management of AML/CFT, with only broad agreement on following shared norms and cooperation. No formally defined or concrete mechanisms are in place to facilitate that cooperation between the UK and EU, which impacts client onboarding, sanctions implementation, intelligence sharing and other law enforcement coordination. Despite the shared roots of the UK and EU regimes, there is surprisingly no recognition of AML/CFT equivalence, and this will have serious implications for businesses. The private and public sectors have managed the short-term risks and challenges this agreement has generated, but it is too soon to tell what the long-term effects will be.
This report will explore these issues and prospects for the UK and the EU in financial crime regulation.
Key topics covered include:
- An overview of the Brexit deal and how it addressed financial crime prevention;
- The immediate effects on compliance, law enforcement, and criminality;
- Future impacts and whether businesses can expect divergence, convergence, or parallel development in the coming years.
Read the Report:
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Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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