Money Laundering Regulations

Government publishes the Money Laundering Regulations 2007

Yesterday (25th July 2007) the Economic Secretary, Kitty Ussher, published the new Money Laundering Regulations 2007. The new Regulations, which will come into effect on 15th December, are designed to ensure the UK response to money laundering and terrorist financing at home and abroad is effective and proportionate.

The new Regulations are available on the HM Treasury website.

HMRC will continue to be the supervisor for Money Service Businesses (MSBs) and High Value Dealers (HVDs). However, the new Regulations bring two new sectors under HMRC supervision: Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs).

A fit and proper test will be introduced for MSBs and TCSPs.

The Regulations also make changes to the measures that firms need to take to prevent money laundering and terrorist financing. HMRC has already published some draft guidance for consultation, and we intend to issue full guidance before the new Regulations come into force.

In the near future, we will publish guidance detailing our approach to supervision and the arrangements for registering with us.