HM Treasury announces
call for evidence, to inform Review of Money Laundering Regulations 2007
HM Treasury has
today published a call for evidence on the Money Laundering
Regulations 2007 and of the UK's anti-money laundering
policies and procedures under them. The Call is designed to help
inform a review of the Regulations, and look at how effective and
proportionate the UK's anti-money laundering rules are.
The Call for Evidence is in two parts. Part A of the call for
evidence is aimed at money-laundering experts and practitioners,
such as businesses supervised under the Regulations and money
laundering supervisors. Part B is focused on private individuals
and business customers. The text of each of the parts of the Call
for Evidence is available on the HM Treasury website at: http://www.hm-treasury.gov.uk/fin_crime_review.htm
The Call for Evidence will run until 11th December 2009.
The HM Treasury website will carry further news of the Review
during the autumn, including stakeholder events to be held in
Belfast, Birmingham, Edinburgh and London.
The Treasury is working with the Better Regulation Executive on
the Review and expects to report back on the evidence received and
provide a response to it in 2010.
1. The Money Laundering Regulations, together with the Proceeds
of Crime Act (POCA) and the Terrorism Act (TACT) form the backbone
of the UK's anti-money laundering regime. The
Government's strategy in this area can be found in
"The Financial Challenge to Crime and Terrorism"
(2007). Although distinct in their specific aims and scope, these
acts are designed to complement each other and enhance the
effectiveness and proportionality of the UK anti-money laundering
regime.
2. The Money Laundering Regulations 2007 came into effect in
December 2007 and implemented the EU's Third Money
Laundering Directive in the UK.
3. The Review aims to understand how effective and proportionate
the Regulations and their implementation are as a whole, how
effective and proportionate the 2007 changes have been and what
further improvements could be made, if any, to achieve the desired
outcomes in the most effective, proportionate and engaging way.
4. All aspects of the Regulations will be covered by the Review.
This means the full scope of the Regulations, not simply the
changes made in 2007, as well as aspects, such as the structure of
supervision and the role of approved guidance, that are necessary
for the implementation of the Regulations.
Non-media enquiries should be addressed to the Treasury
Correspondence and Enquiry Unit on
020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk
This Press Release and other Treasury publications are available
on the HM Treasury website
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