Anti-money laundering and counter-terrorist financing (AML/CTF)

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This Overview is a guide to the Lexis+® UK Financial Services subtopic: ‘Anti-money laundering and counter-terrorist financing (AML/CTF)’ and includes links to the appropriate materials. AML/CTF requirements have general application; this subtopic considers the application the UK’s anti-money laundering (AML), counter terrorist financing (CTF) and counter proliferation financing (CPF) legal and regulatory regime to firms authorised by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (FSMA 2000) or firms registered with the FCA for supervision under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs).

What is money laundering, terrorist financing and proliferation financing?

Money laundering (ML) is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin in order that they can be retained permanently or recycled into further criminal enterprises.

In general terms, terrorist financing (TF) is the provision or collection of funds from legitimate or illegitimate sources with the intention or in the knowledge that they should be used in order to carry out any act of terrorism,

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Latest Financial Services News

Big Tech is major obstacle to stopping UK financial fraud

Law360, London: Anti-fraud campaigners are calling on the government to fine Big Tech companies such as Meta on repeated failures to prevent fraudulent financial advertising on their platforms with a tougher and wider regime than envisaged, with the consensus that social media is the biggest obstacle to combating investment scams.

OFSI extends General Licence INT/2022/1834876

The Office of Financial Sanctions Implementation (OFSI) and HM Treasury (HMT) have extended General Licence INT/2022/1834876, regarding Russia Designated Persons–Charities and Interim Managers and trustees. The licence, effective from 30 May 2022 has been extended to expire at 23:59 on 30 May 2028.

UK sanctions regime review lacks detail on beefing up meager enforcement

MLex: UK government plans to consolidate sanctions lists and speed up enforcement of civil-law breaches will be welcomed as aims, but the new plan fails to grasp the nettle of patchy enforcement. The latest look at the sanctions regime appears largely silent on how to improve matters: The government said it would look to increase the deterrent effect of enforcement, but appeared not to mention any new resources for investigators.

Financial Services—other developments (20/5/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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