UK FATF Taskforce

The UK FATF Taskforce aims to support the UK in its preparations for its next mutual evaluation by the Financial Action Task Force (FATF).

Every 8–10 years, countries are assessed on their compliance with the FATF’s recommendations on money laundering, terrorist financing and proliferation financing. The UK’s next evaluation is scheduled for 2027, and preparations have begun. The UK has generally been regarded as having a robust legal and regulatory framework, but the FATF’s increasing focus on the effectiveness of a country in managing money laundering, terrorist financing and proliferation financing risks means that technical compliance with the recommendations alone is not enough.

While the UK’s last evaluation in 2018 was relatively positive, some areas of significant weakness were identified. The UK has sought to address these over the last decade, but has it done enough? How will the UK fare when it comes to its effectiveness ratings? How will the changes in methodology for this round of evaluations impact the assessment of the UK?

The Centre for Finance and Security has established a UK FATF Taskforce, bringing together a small group of experts to explore these areas and provide practical recommendations for how the UK can best prepare for its upcoming evaluation.

Aims and objectives

The Taskforce will bring together experts in UK economic crime and/or the FATF processes from across the public, private and third sectors to:

Identify progress made by the UK in addressing the deficiencies identified in the 2018 Mutual Evaluation and areas where more work is needed.
Assess the UK’s progress in relation to new or revised FATF Recommendations and Immediate Outcomes.
Understand the impact of the new fifth-round methodology and how this might influence the UK’s preparations.