120/02
15 November 2002
CONSULTATION ON MONEY LAUNDERING REGULATIONS
HM Treasury today issued a consultation document on proposed changes to the UK’s Money Laundering legislation. The Government is intending to revise the Money Laundering Regulations 1993 and 2001 in order to:
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implement the requirements of the Second EC Money Laundering Directive by including new professions and activities within the regulated sector
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consolidate, clarify and update the existing provisions of the Money Laundering Regulations 1993, with some substantive changes where problems have become apparent
The proposed changes will affect financial and credit institutions, money services businesses, firms providing legal or accountancy services, casinos, estate agents, and some dealers in high value goods. The Government is keen to receive views from all interested parties.
NOTES TO EDITORS
1. Copies of the Consultation Document and a draft Statutory Instrument are available on this site.
2. The Second EC Money Laundering Directive was adopted in December 2001, and Member States are committed to implementing its provisions by June 2003 at the latest.
3. The proposals build to a large extent on existing UK legislation. The text of the Money Laundering Regulations 1993 and 2001 are also available. It may also be helpful to refer to the recent consultation on amendments to the Money Laundering Regulations 2001, available on this site.
4. The three-month consultation period began today and will end on 14 February.
5. Comments should be sent to:
The Financial Crime Branch
HM Treasury
1 Horse Guards Road
London SW1A 2HQ
Email Financial Crime Branch
6. Media enquires should be directed to HM Treasury Press Office, tel. 020 7270 5238