Review of the Money Laundering Regulations 2007

21 December 2009

Review of the Money Laundering Regulations 2007

HM Treasury, assisted by colleagues in the Better Regulation Executive, is reviewing the anti-money laundering regime under the 2007 Money Laundering Regulations.

The review will focus on the full scope of the 2007 Regulations (not simply changes made in 2007), on guidance, and on other communication and engagement with stakeholders. The review will also consider supervisory arrangements, industry practice and the customer experience under the regulations.

On 9th October 2009, we issued a Call for Evidence in order to capture views on how the regulations are designed as well as how they work in practice, in terms of how effective and proportionate they are and how much engagement there has been.

Call for Evidence now closed - thank you to everyone that contributed

The Call for Evidence closed on 9th December. We would like to thank everyone who took the time to respond and provide us with their views. In addition to the written responses received, we have held events throughout the UK and heard directly from nearly 300 stakeholders including people from firms, supervisors, other industry bodies and the third sector.

The Call for Evidence document was published in two parts.

Part A was aimed at professionals familiar with the Regulations and their implementation including policy makers and commentators, Regulated Firms, Supervisors and academics. We asked that corporate responses reflected the views of both technical experts (e.g. money laundering reporting officers - MLROs) and those in client facing roles.

Part B was aimed at customers of regulated firms including business customers and private individual customers.

In addition, to help us know who responded and what your interactions with the regulations are, we asked you to complete a “Tell us about yourself” template.

Policy makers and commentators, Regulated Firms, Supervisors and academics downloaded:

Customers of regulated firms including business customers and private individual customers downloaded:

HM Treasury has also issued a Press Notice about the launch of the Review.

Responses to or questions about the review should be sent to:

MLR.Review@hm-treasury.gsi.gov.uk

We plan to publish a summary of the responses in early 2010 and our response to it in the Spring.