HM Treasury Consults on Amending the Money Laundering Regulations

HM Treasury has launched a consultation with proposals to improve the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs). The consultation is wide-ranging, covering proposals to:

• Ensure customer due diligence is more proportionate and effective.
• Strengthen system coordination to ensure continued coordination in the face of new and emerging threats, technological change and legislative changes.
• Clarify the scope of the MLRs, including as regards changing thresholds from Euro to Pound Sterling.
• Revise registration requirements for the Trust Registration Service to enhance transparency of higher risk trusts.

Responses to the consultation may be submitted until June 9, 2024.

Return to main site.