皇冠体育app

On 17 July 2012 the聽government聽published聽its response to a聽consultation on changes to the Money Laundering Regulations 2007 and the impact assessment of the proposed changes. Following the consultation the government will now take forward proposals to reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime.

皇冠体育app proposed changes to the regulations will apply to businesses that are at low risk of money laundering and terrorist financing and are therefore not required to be regulated to the same extent as other institutions, under current global standards. 皇冠体育app aim of the changes is to make the UK鈥檚 money laundering regime more effective and proportionate, with the proposed changes saving firms around 拢3 million a year.

皇冠体育app government committed to performing a post-implementation review of the 2007 Regulations, which implement the European Union Third Money Laundering Directive, two years after they came into force.聽This review was undertaken in 2009-10, in conjunction with the Better Regulation Executive, and entailed an extensive call for evidence, meetings, conferences and interviews. 皇冠体育app Government鈥檚 response to the review was published in June 2011 and contained a consultation on seventeen proposals to improve the regime, reducing the impact of the regulations.

皇冠体育app changes to the Regulations are intended to come into force on 1 October.

皇冠体育app Commercial Secretary, Lord Sassoon said;

皇冠体育app government is committed to maintaining a robust and proportionate anti-money laundering regime. 皇冠体育app measures that I am announcing today make some important changes to improve the effectiveness of the UK鈥檚 regime, whilst including a number of deregulatory changes that follow a lengthy consultation with industry and the money laundering supervisors.聽This is a win-win result: reduced red tape costs for business but with more effective outcomes.

皇冠体育app government will continue to monitor the UK鈥檚 regime for its effectiveness and proportionality in line with the government鈥檚 commitment to reducing burdens on British businesses.

Notes to editors

1. 皇冠体育app consultation and impact assessment are聽avaliable on the .聽皇冠体育appse highlight the changes that the Government is taking forward to the Money Laundering Regulations 2007.

2. 皇冠体育app 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 laundering and terrorist finance.

3. 皇冠体育app government鈥檚 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.