Anti-money laundering controls: corporate groups

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.