Money laundering reporting officers would be mistaken if they lowered their guard following publication of the Financial Action Task Force’s (“the FATF”’s) Mutual Evaluation Report on the United Kingdom, published in December 2018. Broadly speaking, the FATF report has given the UK’s money laundering (“ML”) and terrorist financing (“TF”) regime a clean bill of health. The UK’s legal architecture is highly praised. FATF sees the UK as a global leader in promoting corporate transparency, with a good understanding of the ML / TF risks posed by companies and trusts. The framework for customer due diligence is described as comprehensive, and supervisors’ outreach activities (presumably a euphemism for enforcement and disciplinary processes) are found to be generally strong. The UK is also praised for its robust understanding of ML and TF risks and its aggressive identification, pursuit and prosecution in these cases. Some interesting statistics published in the FATF report reveal that each year the UK achieves around 7,900 investigations, 2,000 prosecutions and 1,400 convictions annually for standalone ML, or where ML is the predicate offence.