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10 September 2012

Government lays new Money Laundering regulations before Parliament

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.

Notes for editors

1. The Government announced the changes it was bringing forward to Money Laundering regulations in July 2012 (see press notice Changes to Money Laundering Regulations to reduce burden on British businesses).

2. Further detail on the changes being taken forward is available on the Review of the Money Laundering Regulations page.

3. 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 launderingand terrorist finance.

4. 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.

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