News

HMRC publish two important AML consultations

23/07/2021

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.

READ MORE

https://www.gov.uk/government/consultations/amendments-to-the-money-laundering-terrorist-financing-and-transfer-of-funds-information-on-the-payer-regulations-2017-statutory-instrument-2022

General