The Treasury has issued a statement
on cross-border information-sharing within corporate groups for the purpose of
tackling economic crime, and to advise regulated entities when it is acceptable
to share information. The statement endorses the Financial Action Task Force’s
guidance on private-sector information sharing which it notes is a ‘key
component of a well-functioning anti-money laundering/counter-terrorist
financing regime’. The statement notes that UK groups should ensure that their
non-UK operations meet UK requirements, subject to the respective host
countries’ regulations, as required by the Money Laundering, Terrorist
Financing and Transfer of Funds (Information on the Payer) Regulations, SI
2017/692, reg 20.
The Treasury has issued a statement
on cross-border information-sharing within corporate groups for the purpose of
tackling economic crime, and to advise regulated entities when it is acceptable
to share information. The statement endorses the Financial Action Task Force’s
guidance on private-sector information sharing which it notes is a ‘key
component of a well-functioning anti-money laundering/counter-terrorist
financing regime’. The statement notes that UK groups should ensure that their
non-UK operations meet UK requirements, subject to the respective host
countries’ regulations, as required by the Money Laundering, Terrorist
Financing and Transfer of Funds (Information on the Payer) Regulations, SI
2017/692, reg 20.
