HMRC has published a summary of responses to its 2021 consultation on proposed changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692. The response document also outlines key findings and decisions the government has taken as a result.
Many of the changes will be implemented by the Money Laundering and Terrorist Financing (Amendment) (No 2) Regulations 2022 (currently available in draft form). Explanatory notes to the draft regulations provide a high-level summary of the changes:
to make time-sensitive updates to the 2017 Regulations to ensure the UK continues to meet international standards on anti-money laundering (AML) and counter-terrorist financing; and
to strengthen and clarify how the UK’s AML regime operates, following feedback from industry and money-laundering supervisors.
The notes also include a detailed explanation of the effect of the draft regulations, on a regulation-by-regulation basis.
HMRC has published a summary of responses to its 2021 consultation on proposed changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692. The response document also outlines key findings and decisions the government has taken as a result.
Many of the changes will be implemented by the Money Laundering and Terrorist Financing (Amendment) (No 2) Regulations 2022 (currently available in draft form). Explanatory notes to the draft regulations provide a high-level summary of the changes:
to make time-sensitive updates to the 2017 Regulations to ensure the UK continues to meet international standards on anti-money laundering (AML) and counter-terrorist financing; and
to strengthen and clarify how the UK’s AML regime operates, following feedback from industry and money-laundering supervisors.
The notes also include a detailed explanation of the effect of the draft regulations, on a regulation-by-regulation basis.
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