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HMRC publish two important AML consultations


HMRC publish two important consultations on the UK Money Laundering Regulations (MLRs) yesterday that will be open for responses until 14 October.

  1. One is a more targeted set of changes to respond to recent changes to the FATF Standards, e.g. in relation to
    • The regulation of virtual assets and
    • The requirement to conduct proliferation financing risk assessments,
    • As well as fix issues identified following the 2019 amendments to the MLRs.
  2. The second consultation, which is a much more extensive review of the MLRs. The overarching aim is to seek views on
    • How the MLRs could change to enhance the effectiveness of the UK's AML regime.
    • The FATF Standards and the risk-based approach will remain the foundation for the MLRs.
    • But beyond that, HMRC wants to take a step back and seek views on potentially transformative changes that support the UK's overall economic crime objectives.