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Latest AML News

Consultation on MLR 2007

24 August 2011

The CIOT and ATT response to this consultation was submitted today and can be found here.

Anti-Money Laundering and the Budget

24 March 2011

Budget 2011 saw the launch of the Government’s ‘The Plan for Growth’. In his speech, the Chancellor of the Exchequer stated that "...we will reform our burdensome money laundering regime now... Under the ‘Professional and Business Services’ section of The Plan for Growth, various actions are set out including the following:

Actions

1)The Government will shortly publish guidance to help commercial organisations understand the Bribery Act 2010 better.

2.252 The guidance has been revised to take account of responses to a public consultation last year, which included leading business groups.

2)The Government wants to abolish over two dozen regulatory offences under the Money Laundering Regulations and exempt businesses with very low turnovers, which will reduce compliance burdens.

2.253 The Government will shortly consult on detailed proposals for changes to Money Laundering regulations, to further strengthen the risk-based approach. These and other measures will be designed to ensure that the Regulations continue to deliver an effective and proportionate Anti-Money Laundering regime, while minimising the burdens they impose on businesses."

We have discussed the Bribery Act and our response to the Review of the Money Laundering Regulations consultation in previous AML Newsletters and will continue to keep you updated with developments.

Full details of The Plan for Growth can be found here.

 

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