Transparency International has reported on weaknesses in the supervision of the UK’s anti-money laundering (AML) rules. It recommends a radical overhaul of the AML system and lists the existing system’s weaknesses as being poor oversight, a lack of transparency, ineffective sanctions and questionable independence. It claims that no sector supervisor in the UK is providing a proportionate and credible deterrent to those who engage in complicit or wilful money laundering. The key vulnerability of the financial services sector is evidenced by a third of banks dismissing serious allegations of money laundering regarding their customers without adequate review. Alongside overhaul of the AML system, Transparency International recommends increasing levels of enforcement against money laundering and providing better information about money laundering risks to the private sector. (Source: Transparency International Recommends AML Overhaul)