On 1 September, a series of amendments to the UK Money Laundering Regulations 2017 came into force. These include an obligation for regulated entities to identify, assess and mitigate the risk of proliferation financing (PF). Regulated entities have the flexibility to create a new risk assessment on PF, or to incorporate proliferation financing into their existing money laundering and terrorist financing risk assessments.

The Treasury will conduct a national risk assessment in relation to proliferation financing, and regulated persons will also be required to take appropriate steps to identify and assess the risks to which their business is subject.

VinciWorks have published a new guide covering the basics of proliferation financing, how PF occurs, key PF risks in the UK, red flags and more.

Download proliferation financing guide