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HM Treasury published the Government response to its review of the Money Laundering Regulations, including a consultation on proposals for changes to the regulations and a pre-consultation impact assessment.
The consultation will run from 7 June until 30 August 2011. Views are sought in order to develop a robust impact assessment and ensure the proposals contribute to a more effective and proportionate regime.
HM Treasury issued a Financial Sector Advisory Notice today regarding the risks posed by unsatisfactory money laundering controls in a number of jurisdictions. The Money Laundering Regulations 2007 require firms to put in place policies, procedures or systems in order to prevent money laundering or terrorist financing.
This advice supersedes previous advice issued by HM Treasury in connection with deficiencies in these areas.
A full copy of the EU Council Decision and Regulation can be found on the Financial Sanctions page.
Article 23 of Council Regulation (EU) No 961/2010 sets out requirements for credit and financial institutions within EU jurisdiction to exercise enhanced vigilance towards the credit and financial institutions set out at article 23(2) of the Regulation.
These requirements were previously set out in EU Regulation 1110/2008. The Treasury’s guidance note on these requirements has been updated to reflect the inclusion of the requirements in the new Regulation. A revised version of the note is issued today, 27 October 2010. The requirements have not changed.
The Counter Illicit Finance Team offers a subscription facility for notification by e-mail when anti-money laundering (AML) or counter terrorist financing (CTF) announcements are made by HM Treasury.
The Subscribe to the HM Treasury AML / CTF mailing list link below has further details on how to start, change or cancel a subscription.