Money laundering thresholds to be increased

The Draft Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025 was laid before both Houses of Parliament on 13 May 2025. Following approval by both Houses the Order is expected to increase the transaction thresholds below which businesses are exempted from money laundering offences. This means that even where criminal activity is suspected banks will be able to carry out transactions in the operation of accounts for customers without committing money laundering offences where the amounts are below £3 000 (raised from the current £1 000 threshold). The £3 000 threshold will also apply to amounts returned to a customer when an account is closed.

The policy decision here is to free up law enforcement bodies to focus on more serious criminal activity noting that in 2024 only 0.1% of transactions between £1 000 and £3 000 in value were refused. The...