Improving the effectiveness of the Money Laundering Regulations
HM Treasury is consulting on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
This is part of its commitment to consult on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, as set out in the Economic Crime Plan 2023 to 2026.
It focuses on four core themes:
- making customer due diligence more proportionate and effective
- strengthening system coordination
- providing clarity on the scope of the MLRs
- reforming registration requirements for the Trust Registration Service
It principally covers issues already identified by HM Treasury, for example in its 2022 review of the UK’s anti-money laundering and counter-terrorist financing regulatory and supervisory regime.
The 2022 review found that, while the core requirements of the MLRs are mostly fit for purpose, potential technical changes could be made to increase effectiveness and ensure proportionality for regulated firms and customers.
How to get involved
As your professional body, we amplify the powerful collective voice of more than 200,000 solicitors with diverse experiences and backgrounds, advocating on the issues you’ve told us matter most.
We will work with members and our Money Laundering Task Force to respond to this consultation before it closes on Sunday 9 June 2024.
If you would like to share your views to inform our response, email rick.kent@lawsociety.org.uk.
Read the consultation on the GOV.UK website
In a parallel, the Treasury is surveying regulated entities on the cost of compliance with the MLRs to help it understand the potential impact of any proposed changes.
The last day to respond is Sunday 9 June 2024.