Treasury launches “red tape” consultation

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Treasury has launched a review designed to improve the effectiveness of rules designed to prevent money laundering and terrorist financing (AML/CTF). The review forms part of Treasury’s aim to save businesses money by cutting the “red tape” of burdensome but ineffective regulation. It has called for evidence on several aspects of the UK’s laws and guidance, including:

  • the effectiveness and proportionality of the supervisors’ approach to supervision and enforcement;
  • how and where businesses access information about their compliance, and how effective and proportionate available guidance is (such as FCA and the Joint Money Laundering Steering Group);
  • evidence of over-implementation;
  • whether self-regulation supports an effective and proportionate AML/CTF regime;
  • examples of good practice by supervisors to support business compliance; and
  • evidence of the supervisory regimes in other countries that the UK could benefit from, or that impacts on UK businesses.

The review does not cover the suspicious activity reporting (SAR) regime. Treasury seeks views by 23 October. (Source: Financial Red Tape Targeted in New Review)

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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