HM Treasury Consultation – Improving the effectiveness of the Money Laundering Regulations

HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’). HM Treasury committed to consulting on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, which was set out in the Economic Crime Plan 2023-26.

The consultation covers four core themes:

1. Making customer due diligence more proportionate and effective
2. Strengthening system coordination
3. Providing clarity on scope of the MLRs
4. Reforming registration requirements for the Trust Registration Service.

The Professional Standards Department will be submitting a response.