This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
On 10 September the Government introduced legislation to Parliament to implement important changes to the Money Laundering Regulations 2007. The changes will reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime. These proposals were set out in July 2012 following extensive consultation and are expected to save firms around £3 million a year.
The changes to the Regulations will come into force on 1 October.
The Money Laundering Regulations 2007 require regulated businesses to have appropriate systems and controls in place to identify and verify the identity of their customers and carry out ongoing monitoring as appropriate, based on their own assessment of the risk from money laundering and terrorist finance.
The Government’s approach to money laundering regulation is designed to make the UK financial system a hostile environment for money laundering and terrorist finance, while minimising the regulatory burden imposed on UK businesses.