News Details

09 Oct, 2009

HM Treasury review of Money Laundering Regulations

HM Treasury has today published a Call for Evidence to launch a Review of the Money Laundering Regulations that it is undertaking, assisted by colleagues in the Better Regulation Executive.

 

We want to capture views on how the regulations are designed as well as how they work in practice,  in terms of how effective and proportionate they are and how much engagement there has been. The review will focus on the full scope of the 2007 Regulations  (not simply changes made in 2007), on guidance, and on other communication and engagement with stakeholders. The review will also consider supervisory arrangements, industry practice and the customer experience under the regulations.

 

Respondents are, of course, be free to make comments on any area of the regime under the 2007 Regulations, but we are not reviewing the wider operation of the separate suspicious activity reporting or consent regimes.

 

The Call for Evidence closes on Friday 11th December 2009.

 

 

 

We hope to announce an analysis of the evidence, and our response to it, in 2010.

 

 

 

The details of the Review and the Call for Evidence, which is in two parts, are available on the HM Treasury Website at

 

http://www.hm-treasury.gov.uk/fin_crime_review.htm

 

 

 

Part A is aimed at professionals familiar with the Regulations and their implementation including policy makers and commentators, Regulated Firms, Supervisors and academics. 

 

Part B is aimed at customers of regulated firms including business customers and private individual customers.

 

 

 

Responses to or questions about the review, including expressions of interest in attending a consultative event, should be sent to

 

MLR.Review@hm-treasury.gsi.gov.uk

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