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Gatekeeper Contract, Vendor & TPRM Glossary

Search common contracting language and take a deeper dive to discover what each means

HM Treasury

HM Treasury is the government department responsible for economic and financial policy in the United Kingdom.

It is responsible for formulating and implementing policies related to fiscal policy, monetary policy, financial regulation, and international economic issues.

HM Treasury provides various regulations that businesses need to comply with, including:

  1. Financial regulation: HM Treasury is responsible for overseeing financial regulation in the UK, including the regulation of banks, insurers, and other financial institutions. It sets the policy framework for financial regulation and works closely with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to ensure that financial institutions comply with the regulatory requirements.

  2. Anti-money laundering and counter-terrorism financing: HM Treasury is responsible for implementing and enforcing the UK's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. These regulations require businesses to take steps to prevent money laundering and terrorist financing, including conducting customer due diligence, screening transactions, and reporting suspicious activities.

  3. Sanctions: HM Treasury is responsible for implementing and enforcing the UK's sanctions programs, which include sanctions against individuals, entities, and countries. Businesses must comply with these sanctions by screening customers and transactions against the sanctions lists and reporting any prohibited activities.

  4. Taxation: HM Treasury is responsible for setting tax policy in the UK and collecting taxes. Businesses must comply with tax regulations, including paying taxes on time and accurately reporting their income and expenses.