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09 October 2009

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.   

Notes for editors

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. 

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