Publication of HMT Consultation re the Effectiveness of the Money Laundering Regulations

Posted on 14 March 2024 |

HM Treasury has launched a consultation on improving the effectiveness of the Money Laundering Regulations (MLRs). This covers a range of topics identified in the 2022 review of the UK’s AML/CTF regime as well as other priority issues, in line with the Treasury’s commitment under Economic Crime Plan 2 to explore further improvements to the MLRs.

This includes consideration of ways to ensure due diligence checks are as targeted and risk-based as possible, areas of the MLRs where additional clarity might support compliance and changes to allow stakeholders to work together more effectively. The consultation also covers changes to increase transparency and strengthen the requirements in relation to the Trust Registration Service.

The consultation will be open for 3 months (closing date 9 June 2024) and, during this time, HM Treasury intend to hold a series of roundtables with interested parties and stakeholders. More detail about these roundtables will be provided by HM Treasury in the coming weeks.

The preferred method of response is via the online form, but responses can also be returned by email or by post (more detail is available in the consultation document).

In a parallel, HM Treasury are launching a survey for regulated entities on the cost of compliance with the Money Laundering Regulations, which will help to understand the potential impact of any proposed changes to the regime.