The UK Home Office has published a progress report on the outcomes framework of the 2023 Economic Crime Plan 2 (ECP2). The ECP2 set out strategic objectives to reduce economic crime, safeguard national security and promote...more
July saw a number of updates regarding the prevention of money laundering in the UK, reflecting the Government’s stated commitment to ensuring that compliance requirements are effective yet not unnecessarily onerous for the...more
HM Treasury (HMT) has published its consultation response in relation to its 2024 consultation on proposals to improve the effectiveness of the UK Money Laundering Regulations (MLRs). The consultation concentrated on four...more
HM Treasury has updated its money laundering advisory notice on high-risk third countries. Under the U.K. Money Laundering Regulations, the U.K. regulated sector must apply enhanced customer due diligence in relation to...more
HM Treasury has launched a consultation with proposals to improve the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs). The...more
“Stopping financial crime requires a collective effort...we will be more proactive in our supervision. Where we detect harm or UK-wide financial crime vulnerabilities, we will continue to share intelligence with our partners...more
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023, which amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs), come into...more
On February 7, 2023, the Bank of England (BoE) released two documents concerning a central bank digital currency (CBDC), a prospective government-backed digital form of U.K. currency also known as the "digital pound." ...more
On 30 March 2023, HM Treasury and the Home Office published the Economic Crime Plan 2 for 2023 to 2026. The three-year plan builds on the first Economic Crime Plan published in 2019 and commits the UK government to:...more
The UK Financial Conduct Authority (FCA) has warned cryptoasset firms marketing to UK consumers (including from overseas) to start preparing now to comply with the UK financial promotions regime, which is soon to be expanded...more
On 7 May 2020, the European Commission (Commission) issued a comprehensive and ambitious Action Plan and public consultation designed to strengthen the European Union's (EU) legal framework to fight against money laundering...more
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have been published, amending the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The...more
Currently, cryptoasset exchanges and wallet providers are not generally required (depending on their business model) to identify their customers, monitor transactions or report suspicious activity. On 15 April HM Treasury...more
To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more
Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more
On 6 April 2016, changes to the Companies Act 2006 introduced the regime relating to the disclosure of persons with significant control (PSC regime). In brief, the new regime requires unlisted UK companies to take reasonable...more
On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more