Changes to MLR planned

The government has published its response to the review of the money laundering regulations and proposals for improvement. The review found that the regulations and their implementation are broadly effective, but that improvements could be made. In light of this, the government has proposed the following:

• The removal of at least 24 criminal penalties for businesses which fail to have the appropriate systems and controls in place to combat money laundering. This would allow businesses to implement a fully risk-based approach, where businesses make their own assessment of the risks they face and implement appropriate systems and controls. Civil penalties will remain.
• A general exclusion for very small businesses, e.g. those with below £13,000 VAT exclusive turnover a year, or a reduction in the requirements placed on such businesses.

The consultation closes on 30 August 2011.

Issue: 4308 / Categories: News