The UK’s treasury ministry has launched an open consultation related to AML/CFT regulations. Specifically, the consultation invites opinions and evidence on the steps that the UK government has proposed to undertake to amend the Money Laundering Regulations (MLRs).
The proposed amendments will help ensure that the UK maintains international standards of the Financial Action Task Force. They will also help clarify the functioning of the country’s AML/CFT framework, with feedback from industry and supervisors on the implementation of the 2020 MLRs.
The UK government also wants to ensure that the country’s AML/CFT framework balances AML/CFT effectiveness with the burdens of MLRs on businesses. Thus, this open consultation and a simultaneous call for evidence on the review of the UK’s AML/CFT framework will prove to be useful for the UK.
Source: Government of the UK