Consultation on proposed amendments to UK Money Laundering Regulations
The consultation invites views and evidence on the steps that the UK government proposes to take to amend the Money Laundering Regulations (MLRs).
These updates are being made by the UK Government to keep the MLRs up to date with current standards set by the Financial Action Task Force (FATF). 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.
This consultation will be of interest to those entities with operations in the UK.
Calls for Evidence – Review of the effectiveness of UK AML/CFT Regulatory and Supervisory Regime
The UK Government is seeking views on the systemic effectiveness of the UK’s anti-money laundering and counter terrorist financing regulatory and supervisory regimes and how they contribute to the overarching objective of countering economic crime, and on the specific application and effectiveness of particular elements of the 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 and inviting respondents to provide views and evidence to support those views.