Review of the UK's 2007 Money Laundering Regulations announced

HM Treasury (HMT) and the Better Regulation Executive have announced plans to review the UK’s anti-money laundering regime under the 2007 Money Laundering Regulations.



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

As well as focusing on guidance, communication and engagement with stakeholders., the two departments are particularly interested in:

• Views on how the regulations are designed,


• How they work in practice,


• How effective and proportionate they are and


• How much engagement there has been.

I found the following sentence particularly noteworthy. “The review will also consider supervisory arrangements, industry practice and the customer experience under the regulations.”

To this end, HMT will start the next month with a “Call for Evidence” document, which will explain the issues that they are especially interested in.

It is thought that the review contribution period will last until December 2009.

Whilst respondents will be free to make comments on any area of the regime under the 2007 Regulations, HMT have made clear that they will not be reviewing the wider operation of the separate suspicious activity reporting or consent regimes. (After all, that is a Home Office issue!)

Interestingly, HMT have announced that they intend to hold meetings in Belfast, Edinburgh and Birmingham as well as London. Now I am a great believer in participatory democracy, so either watch this space for details or get out there and contribute.

So if you have a view on the current AML regime in the UK, now is your time to voice it!

Related articles by Zemanta

• Is Home Office suffering an identity crisis? (timesonline.typepad.com)
• Major gunrunner went under the aliases Jack Bauer and Jason Bourne (telegraph.co.uk)
• Minister's Ex-Maid: 'I Didn't Show Passport' (news.sky.com)