Government response to the review of the Money Laundering Regulations

07 June 2011

In 2009/10 the Treasury conducted a thorough review of the Money Laundering Regulations 2007. The regulations implement the 3rd EU Money Laundering Directive and the Treasury committed to reviewing the implementation of the regulations two years following their implementation.

The review focused on whether the regulations were effective and proportionate in practice, identifying where they are working well and where there may be room for improvement.

Call for evidence responses

The process began with the publication of a Call for Evidence and extensive engagement with businesses throughout the UK across all sectors as well as with supervisors, law enforcement, consumer groups, private individuals, NGO’s and across Government.

Individual responses to the Call for Evidence and a summary of these responses were published on the Treasury website in April 2010.

Government response to the review and consultation

The Government response to the review and the proposals for consultation it contains have been developed on the basis of the evidence received during the Call for Evidence and also by an extended period of further engagement with ministers, businesses and others as part of the better regulation process introduced by the Government last year.

On 7 June 2011, the Treasury published the Government response to the review and a pre-consultation impact assessment on the costs and benefits of the proposals for consultation it contained. The consultation ran from 7 June to 30 August. Views were sought on:

the proposals for changes to the regulations; and
any other issues contained in the response or the regulations generally.

In particular, information was sought on the potential costs and benefits of the proposals made in order to develop these proposals and ensure they contribute to a more effective and proportionate implementation of the regulations in practice.

The Government response and the pre-consultation impact assessment can both be found below.

You can contact the review team by email at mlr.review@hmtreasury.gsi.gov.uk or by post at the following address

Review of the Money Laundering Regulations
Room 3/15
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ

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Government response to the review of the Money Laundering Regulations

Call for evidence responses

Government response to the review and consultation

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