HM Treasury consultation on improving the effectiveness of the money laundering regulations

IPA Insolvency Practitioner newsletter, March 2024

HM Treasury has launched a consultation on improving the effectiveness of the Money Laundering Regulations (MLRs), covering a range of topics identified in the 2022 review of the UK’s Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) regime and other priority issues, in line with the Treasury’s commitment 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 requirements relating to the Trust Registration Service.

The consultation closes on 9 June 2024. During this time, the Treasury intend to hold a series of roundtables with interested parties and stakeholders. More detail about these roundtables will be provided by the Treasury.

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).

The Treasury has also launched a survey for regulated entities on the cost of compliance with the MLRs, which will help to understand the potential impact of any proposed changes to the regime.