HM Treasury and the Home Office have published the first UK national risk assessment (NRA) of money laundering and terrorist financing policy paper. The paper expresses the following concerns about the impact of money laundering in the UK: (i) that much of the money laundered through the UK is the proceeds of overseas corruption, the effect of which creates political instability in other jurisdictions; (ii) that money laundering is a key enabler of serious and organised crime, estimated to cost the UK up to £24 billion a year; and (iii) that there is an overlap between money laundering and terrorist financing. The findings of the NRA will assist the government’s response to money laundering and terrorist financing and its action plan to work with regulators and the private sector to address the risks identified in the NRA.