Closed call for evidence

Call for Evidence: Review of the UK’s AML/CTF regulatory and supervisory regime

• From: HM Treasury
• Published: 22 July 2021

This was published under the 2019 to 2022 Johnson Conservative government

Summary

Seeking views on the systemic effectiveness of the UK’s anti-money laundering and counter terrorist financing regulatory and supervisory regimes and how they contribute to the overarching objective of countering economic crime, and on the specific application and effectiveness of particular elements of the regimes.

This call for evidence ran from
10am on 22 July 2021 to 11:45pm on 14 October 2021

Call for evidence description

This call for evidence supports the review which will aim to assess the UK’s anti-money laundering and counter terrorist financing regulatory (the Money Laundering Regulations and Office for Professional Body Anti-Money Laundering Supervision (OPBAS) regulations) and supervisory regimes.

The intention is to do this by looking at three themes in this document: the overall effectiveness of the regimes and their extent (i.e. the sectors in scope as relevant entities); whether key elements of the current regulations are operating as intended; and the structure of the supervisory regime including the work of OPBAS to improve effectiveness and consistency of PBS supervision.

The government is keen to ensure that the UK’s anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.

A consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 will be run in parallel to this call for evidence.

Documents

Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime

PDF, 1.23 MB, 40 pages

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Published 22 July 2021