Policy background
The Government's strategic response to money laundering is founded upon a risk-based approach. The Serious and Organised Crime Strategy 2013 aims to substantially reduce the level of serious and organised crime affecting the UK and its interests. The SDSR 2015 set out the Government's intention to introduce new measures to make the UK a more hostile place for those seeking to move, hide or use the proceeds of crime or corruption or to evade sanctions.
	In October 2015, the Government published the National Risk Assessment for Money Laundering and Terrorist Financing (NRA), which identified areas of risk and how the current regimes for combating these threats could be strengthened.
	In April 2016, the Government published an Action Plan for Anti-Money Laundering and Counter-Terrorist Finance, setting out the steps that it would take to address the weaknesses identified in the NRA. It focused on three priorities: a more robust law enforcement response; reforming the supervisory regime; and increasing our international reach. All three are underpinned by the Government’s commitment to building a new and powerful partnership with the private sector. The Act has implemented the legislative elements of the Action Plan, which included a consultation document on legislative proposals. The measures in the Act were developed through that consultation and through wider discussion. A summary of the responses to the consultation was published on 13 October 2016.