This Treasury’s consultation invites views and evidence on the steps that the government proposes to take to amend the MLRs. The amendments 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 consultation looks to amend a number of aspects concerning the MLRs. In regards to the scope of the MLRs the consultation seeks views on specific amendments to the scope of the regulated sector to exempt particular payment service providers which may present low risk of money laundering and terrorist finance. There is also a review of scope in respect of art market participants and telecommunications firms.
The consultation also looks to strengthen supervision by making amendments to the SARs regime, and also to include the formation of a partnership within the scope of a ‘business relationship’. There are also proposed amendments in respect of the transfer of crypto assets and provisions related to information gathering and sharing by supervisors.
The consultation remains open until 14 October 2021, to view the consultation paper, please click here.