Consultation outcome

Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022

From:: HM Treasury
Published: 22 July 2021
Last updated: 14 July 2022 — See all updates

Read the full outcome

Response to the consultation

PDF, 319 KB, 35 pages

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The Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations 2022 – Impact Assessment

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Detail of outcome

The government conducted a consultation between 22 July-14 October 2021, inviting views and evidence on the steps the government proposed to take to amend the Money Laundering Regulations (MLRs). The response to the consultation summarises views from responses to the consultation and sets out the findings and the decisions the government has taken as a result. Many of these changes will be implemented through the Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations 2022 Statutory Instrument.

Original consultation

Consultation description

This consultation invites views and evidence on the steps that the government proposes to take to amend the Money Laundering Regulations (MLRs).

These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following feedback from industry and supervisors on the implementation of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.

The government is keen to ensure that the UK’s anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.

A call for evidence on the review of the UK’s AML/CTF regulatory and supervisory regime will be run in parallel to this consultation.

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