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.
- 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.
- 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.