REVIEW OF THE UK’S AML/CFT REGULATORY AND SUPERVISORY REGIME AND CONSULTATION ON AMENDMENT OF REGULATIONS

On 22 July, HM Treasury reported on a call for evidence which supports the review which will aim to assess the UK’s anti-money laundering and counter terrorist financing regulatory (OPBAS) regulations and supervisory regimes.  The document considers 3 themes –

  • the overall effectiveness of the regimes and their extent (i.e. the sectors in scope as relevant entities);
  • whether key elements of the current regulations are operating as intended; and
  • the structure of the supervisory regime including the work of OPBAS to improve effectiveness and consistency of PBS supervision.

This consultation closes on 14 October.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1004602/210720_MLRs_Review_Call_for_Evidence_final.pdf

Also on 22 July, HM treasury issued a call for evidence invites views and evidence on the steps that the government proposes to take to amend the Money Laundering Regulations and which will allow the government to make some time-sensitive updates to the Regulations, which are required to ensure that the UK continues to meet international standards set by FATF, whilst also strengthening and ensuring clarity on how the AML regime operates.  This consultation also closes on 14 October.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1004603/210720_SI_Consultation_Document_final.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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