.png)
.png)
New government measures to prevent money laundering.
A review to improve the effectiveness of rules to prevent money laundering and terrorist financing has been launched by the government. This is as a result of businesses being concerned that current guidance, rules and proof of identity requirements can be cumbersome and complicated.
The review will look at the implementation of legislation and work carried out under The Money Laundering Regulations 2007 by national supervisors, including the Financial Conduct Authority and HMRC. It is seeking a range of evidence, including:
- whether guidance meets businesses needs;
- the effectiveness and proportionality of supervisors’ approach to supervision and enforcement;
- where and how supervision and enforcement is not proportionate to the risks posed; and
- examples of good practice that could help businesses meet their obligations and be replicated elsewhere.
The call for evidence will run until 23 October 2015 and can be found on the Cutting Red Tape website.
Businesses can feed back information by emailing: cuttingredtape@bis.gsi.gov.uk.
