The Treasury is consulting on amendments to the MLR 2017 Statutory Instrument 2022. These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK continues to meet international standards set by FATF, whilst also strengthening and ensuring clarity on how the AML regime operates, following feedback from industry and supervisors on the implementation of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.
The government is keen to ensure that the UK’s AML/CFT regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.
A call for evidence on the review of the UK’s AML/CFT regime is being run in parallel to the consultation. Both consultations close on 14 October 2021.