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CHANGES TO MONEY LAUNDERING REGULATIONS TO REDUCE BURDEN ON BUSINESSES
18 July 2012
Following consultation proposed changes will apply to businesses that are at low risk of money laundering and are therefore not required to be regulated to the same extent as other institutions The government has published its response to a consultation on changes to the Money Laundering Regulations 2007. Following the consultation the Government will now take forward proposals to reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime. The proposed changes to the regulations will apply to businesses that are at low risk of money laundering and terrorist financing and are therefore not required to be regulated to the same extent as other institutions, under current global standards. The aim of the changes is to make the UK’s money laundering regime more effective and proportionate, with the proposed changes saving firms around £3 million a year. The Government committed to performing a post-implementation review of the 2007 Regulations, which implement the European Union Third Money Laundering Directive, two years after they came into force. This review was undertaken in 2009-10, in conjunction with the Better Regulation Executive, and entailed an extensive call for evidence, meetings, conferences and interviews. The Government’s response to the review was published in June 2011 and contained a consultation on seventeen proposals to improve the regime, reducing the impact of the regulations. The consultation and impact assessment are available on the Review of the Money Laundering Regulations page . These highlight the changes that the Government is taking forward to the Money Laundering Regulations 2007.
HM Treasury press release
NEW GUIDANCE ON HOW TO PAY MONEY LAUNDERING REGULATION FEES AND PENALTY CHARGES
15 August 2012
New guidance has been published on the different facilities available to pay HMRC Money Laundering Regulation fees and/or penalty charges.
New guidance on how to pay Money Laundering Regulations fees and penalty charges
CHANGES TO MONEY LAUNDERING REGULATIONS COME INTO FORCE ON 1 OCTOBER
13 September 2012
Changes to the Money Laundering Regulations 2007 will reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime.
CIPP Policy News Journal
12/04/2013, Page 306 of 362
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