Financial crime: policy and publications

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9 September 2008
HMRC have today published their Money Service Business action plan which aims to root out abuse of the money service sector for money laundering purposes. HMRC will work with MSBs to ensure compliance. For further information please refer to the HMRC link below.
HMRC Money Service Business action plan

12 May 2008
Money Laundering - Equivalence list announced
Member states participating in the EU Committee on the Prevention of Money Laundering and Terrorist Financing have agreed a list of equivalent third countries, for the purposes of the relevant parts of the Third Money Laundering Directive. The list is a voluntary, non-binding measure that nevertheless represents the common understanding of Member States.
Full text of the announcement

February 2008
HM Treasury press notice following FATF statement of 28 February 2008
Following the FATF statement about the higher risks of money laundering and terrorist financing in several jurisdictions, HM Treasury issued a press notice on 29 February 2008. The jurisdictions effected are -
Uzbekistan
Iran
Pakistan
Turkmenistan
São Tomé and Príncipe
the northern part of Cyprus.
Press notice: 29/02/08 HM Treasury warns of higher risk of money laundering and terrorist financing

November 2007
The Treasury made a number of procedural or other changes to UK money laundering regulations in November 2007.
Regulations amending the Proceeds of Crime Act 2002, and the Terrorism Act 2000
The Money Laundering (Amendment) Regulations 2007

November 2007
The Treasury has announced the supervision and enforcement regime for the European 'Wire Transfer' Regulations.
European ´Wire Transfer´ Regulations

25 July 2007
The Government has today published the Money Laundering Regulations 2007. Subject to Parliamentary approval, these Regulations will take effect from the 15th December 2007.
Money Laundering Regulations 2007

4 June 2007
Economic Secretary to the Treasury Ed Balls MP has written to the President of the Law Society Fiona Woolf CBE responding to concerns expressed on the treatment of trusts in the draft Money Laundering Regulations 2007. The letter agrees to the Law Society's and others' request to clarify the definition by providing for a revised definition to be incorporated in the Regulations.
Letter from Economic Secretary to the Treasury Ed Balls MP to the President of the Law Society Fiona Woolf CBE (PDF file)

10 May 2007
The Treasury and the Home Office have jointly reviewed the safeguards in place in England and Wales to protect the charity sector from being abused for the purposes of terrorist financing.
A review of safeguards to protect the charity sector from the threat of terrorist abuse (England & Wales)

28 February 2007
Government's anti-money laundering and terrorist finance strategy has been drawn up between law enforcement agencies; key policy departments and the private sector.
Financial challenge to crime and terrorism

22 January 2007
HM Treasury is consulting on the draft Money Laundering Regulations 2007.
Implementing the Third Money Laundering Directive: Draft Money Laundering Regulations 2007

31 July 2006
HM Treasury is consulting on our proposed implementation of the Third Money Laundering Directive.
Implementing the Third Money Laundering Directive: a consultation document

14 December 2005
The Third Money Laundering Directive was formally adopted on the 26th October. The Directive will enter into force on the 15th December meaning that it will need to implement by the 15th December 2007.
The Third Money Laundering Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (external website, opens in new window)

16 September 2005
On the 7th June the Directive of the European Parliament and the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the Third EC Money Laundering Directive) reached political agreement. Further information on this Regulatory Impact Assessment can be found on the link below. It should be noted that the document provides an estimate of the costs and benefits of the Third Money Laundering Directive only. A further impact assessment to inform our decisions on implementing the Directive will be developed and produced over the implementation period.
The Third Money Laundering Directive: Regulatory Impact Assessment (PDF file 118KB)

17 June 2005
Political agreement on the Third EU Money Laundering Directive text was reached by the European Union Council on the 7th June meeting of finance ministers. Please find below a link to the agreed text. It should be noted that this text is subject to EU legal -linguistic scrutiny and therefore is only provisional. Formal adoption of the Directive is expected later this year.
Draft directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (external website, opens in a new window)

23 November 2004
Following a request for clarification this letter sets out the policy intention underlying regulation 2(2)(l) of the Money Laundering Regulations 2003: 'The provision by way of business of legal services by a body corporate or unincorporate or, in the case of a sole practitioner, by an individual and which involves participation in a financial or real property transaction (whether by assisting in the planning or execution of any such transaction or otherwise by acting for, or on behalf of, a client in any such transaction'.
Money Laundering Regulations 2003: Chartered surveyors acting as third party dispute resolvers: Letter to the Royal Institution of Chartered Surveyors 16 November 2004 (PDF file, 96KB)

26 November 2004
Anti-money laundering strategy
This document sets out how the government will continue the fight against money laundering. It provides a clear statement of the current regime and the government's goals.
Anti-money laundering strategy (PDF file, 948KB)

4 October 2004
Consultation document on the European Commission's preliminary draft articles for a Third Money Laundering Directive - summary of responses published.
Informal consultation document on the Third EC Money Laundering Directive

30 January 2003
Following requests for clarification this letter sets out the policy intention underlying regulation 2(2)(m) of the Money Laundering Regulations 2003: "the provision by way of business of services in relation to the formation, operation or management of a company or a trust".
Money Laundering Regulations 2003: Corporate Service Providers: letter to the British Bankers´ Association dated 19th January 2003 (PDF file, 84KB)

Money Service Businesses
HMRC Money Service Business action plan
HMRC guidance on Money Service Businesses
HM Treasury consultation on The Regulation of Money Service Business
PN 48/02 HM Treasury launches three-month public consultation on regulation of Money Services Business activities

Data Protection Act and Money Laundering Regulations guidance
Government guidance on the interaction between the Data Protection Act and the UK´s anti-money laundering legislation (PDF file)