11 June 2024

HM Treasury (HMT) released a consultation on Improving the effectiveness of the Money Laundering Regulations; considering changes to improve Money Laundering Regulations, while minimising burdens on legitimate customers.

This consultation is part of HMT’s wider programme to reduce money laundering, as 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 policy team has responded to this consultation which concluded on 9 June. You can view our response here.

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