United Kingdom
Regulatory framework
Introduction
United Kingdom, following the path of its European counterparts, also contemplates provisions in its regulations on prevention of money laundering and terrorist financing. Its main rule in this matter is The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; and to this can be added the various regulatory provisions that help to implement the rule.
Financial Intelligence Unit
The United Kingdom also includes within its institutional structure the figure of the Financial Intelligence Unit. The UK Financial Intelligence Unit is a decentralised public service, with its own legal personality and assets; it is based on prevention regulations to carry out its functions throughout the entire territory of the United Kingdom.
Links of interest:
Obligated subjects
The legal framework of the United Kingdom regarding the prevention of money laundering and terrorism financing designates certain individuals and entities as obliged entities based on the activities they carry out.
Among these entities are the financial institutions and banks, insurance companies, providers of virtual asset services, or casinos.
Links of interest:
> PEPs
Introduction
The regulatory framework for politically exposed persons in the United Kingdom is given by prevention laws and the Circulars issued by the Financial Conduct Authority.
Links of interest:
Definition of PEP
- Heads of State, heads of government, ministers and deputy ministers
- Legislative bodies
- Members of the governing bodies of political parties that have some representation in a national or supranational Parliament
- Members of supreme courts, constitutional courts or any judicial body whose decisions are not subject to further appeal
- Members of courts of auditors or boards of central banks
- Ambassadors, charges d'affaires and high-ranking officers of the armed forces
- Members of the administrative, management or supervisory bodies of state-owned companies
- Directors, deputy directors and members of the board or equivalent function of an international organisation
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Duration of PEPs
When politically exposed persons have ceased to perform their duties, the obliged entities will continue to apply the measures provided for this type of clients for a minimum period of twelve months.
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> Sanctioned
Introduction
The Office of Financial Sanctions Implementation in the UK — OFSI — was established in 2016, being a dependent entity of the Treasury department. Its main goal is the implementation and enforcement of the UK sanctions system.
Among the objectives of OFSI are:
- Detect and respond to the breaches of financial sanctions,
- Raise awareness about the importance of financial countermeasures and their correct implementation,
- Provide advice on financial sanctions matters
Links of interest:
Included lists
PEPs
- UK Parliament Website
- Website of the Supreme Court of the United Kingdom
- Website of the National Audit Office of the United Kingdom
- Central Bank of United Kingdom Website
- Website of the Conservative Political Party
- Labour Political Party Website
- Liberal Democrats Political Party Website
- Alliance Political Party Website
- Royal Navy of the United Kingdom Web
- UK Air Forces Website
- British Navy Website
- UK Green Party Website
- Reclaim Political Party Website
- Democratic Unionist Party Political Party Website
- Scottish Government Website
- Welsh Parliament Website
- PEPs of the United Kingdom
Sanctioned
- Consolidated list of financial sanctions targets