UK HM Treasury has announced the launch of two public consultations regarding the UK's anti-money laundering regime and regulations:
- Call for Evidence: Review of the UK's AML/CTF regulatory and supervisory regime
- Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022
Primary objectives of reviewing the current regime and regulations include, among others, ensuring that accurate and up-to-date Beneficial Ownership information is collected, maintained, and made available to competent authorities so as to prevent the exploitation of UK corporate vehicles and other forms of legal personality. Both consultations close on 14 October 2021.
---
Call for Evidence: Review of the UK's AML/CTF regulatory and supervisory regime
Consultation description
This call for evidence supports the review which will aim to assess the UK's anti-money laundering and counter terrorist financing regulatory (the Money Laundering Regulations and Office for Professional Body Anti-Money Laundering Supervision (OPBAS) regulations) and supervisory regimes.
The intention is to do this by looking at three themes in this document: the overall effectiveness of the regimes and their extent (i.e. the sectors in scope as relevant entities); whether key elements of the current regulations are operating as intended; and the structure of the supervisory regime including the work of OPBAS to improve effectiveness and consistency of PBS supervision.
The government is keen to ensure that the UK's anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.
A consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 will be run in parallel to this call for evidence and can be found here.
Documents
Call for Evidence: Review of the UK's AML/CFT regulatory and supervisory regime
---
Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022
Consultation description
This consultation invites views and evidence on the steps that the government proposes to take to amend the Money Laundering Regulations (MLRs).
These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following feedback from industry and supervisors on the implementation of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.
The government is keen to ensure that the UK's anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.
A call for evidence on the review of the UK's AML/CTF regulatory and supervisory regime will be run in parallel to this consultation and can be found here.
Documents