Money Laundering Regulations news and updates
November 2009
10 November
Money Laundering Regulations (MLR) – Memorandum
Trading Account - 1 April 2008 to 31 March 2009
The Money Laundering Regulations supervisory regime is run on a cost recovery
basis and the fees paid by customers cover the expense of running the
operation. Our costs include registering new businesses, contacting and
visiting businesses, running an effective risk system, maintaining the
register and producing guidance and information for customers.
The
UK threat assessment of Organised Crime has been published on the Serious
Organised Crime ( SOCA) website (PDF 766K) (Opens new window)
The assessment describes the threats to the UK by organised crime and
considers how these threats may develop. For businesses subject to the
Money Laundering Regulations (MLR) this information will help you to assess
the money laundering risk to your business and to develop effective anti
money laundering policies and procedures.
9 November
Invitation to the 'Payback' conference,
hosted by SOCA - London 24 November 2009 (PDF 60K)
Businesses in London are invited by Serious Organised Crime Agency/UK
Financial Intelligence Unit to a free one day conference to learn how
to safeguard themselves against serious organised crime and money laundering.
5 November
MLR Fee level remains unchanged for 2010-2011
The annual fee for businesses registered under the Money Laundering Regulations
2007 will remain at £120 per premise for the year 2010 – 2011. We are
pleased to be able to provide early confirmation of next year’s fee level
as we are aware that many of our larger businesses appreciate as much
notice as possible to help in their financial planning.
Introduced in 2002, the fee was initially set at £100, and was subsequently reduced to £60 from June 2003. There were no changes until 1 June 2007, when the fee was increased to £95; this level was maintained in 2008, and increased to £120 in 2009.
October 2009
26 October
Views wanted on Money Laundering Regulations 2007
As part of a review of the Money Laundering Regulations and their implementation
by HM Revenue & Customs and all other supervisors, HM Treasury has
published a call for evidence. This gives you the opportunity to give
your views on the Regulations themselves and how effective and proportionate
the UK’s anti-money laundering rules are.
The call for evidence and further information on the review can be found on HM Treasury's website (Opens new window).
15 October
Alert to Money Service Businesses
- Treasury direction
On the 12 October 2009 HM Treasury issued a direction under Schedule 7
of the Counter-Terrorism Act 2008 (CTA) requiring persons operating in
the financial sector to cease existing business relationships and transactions
and not enter into new business relationships and transactions with Bank
Mellat and Islamic Republic of Iran Shipping Lines (IRISL).
September 2009
29 September
Are you a Money Transmitter? Is your
business established outside the UK?
Money transmitters are subject to the Payment Services Regulations 2009
(PSR) which come into force on 1st November 2009. Businesses that wish
to operate as a money transmitter within the UK must be authorised or
registered with the Financial Services Authority (FSA) who will regulate
them in respect of the general conduct of their business. (HMRC will retain
its role as the MLR supervisor). Two conditions of FSA registration /
authorisation under PSR are that the business is established in the UK
and that it is registered with HMRC for MLR.
25 September
Close of the Money Laundering Regulations fee review consultation
Thank you for the overwhelming response to our fee review questionnaire.
The consultation period is now over and the questionnaire is no longer
available we will now review your responses before deciding our next steps.
23 September
Money Service Businesses online register
We have recently sent out a letter to all Money Service Businesses (MSBs)
to tell them about our intention to publish an online MSB register by
the end of 2009. The register is currently being developed. It will be
called the MSB online registration check. When the MSB online registration
check service is available we will let you know through an announcement
on our website.
August 2009
26 August
Free business advice open days
Business Advice Open Days is a cross government support road show dedicated
to providing FREE information and support.
19 August
Invitation to the 'Payback' Conference,
hosted by SOCA - Belfast 22 September 2009 (PDF 61K)
Businesses in Northern Ireland are invited by Serious Organised Crime
Agency/UK Financial Intelligence Unit to a free one day conference to
learn how to safeguard themselves against serious organised crime and
money laundering.
18 August
Important news for Money Transmitters
registered under MLR 2007
The Payment Services Regulations (PSRs) come into effect on 1 November
2009. They require anyone who is providing payment services (which includes
money transmission) by way of business to be authorised by or registered
with the Financial Services Authority (FSA).
7 August
Money Laundering Regulations (MLR) fee review
Invitation to take part in the MLR fee review. Update - consultation now
closed.
6 August
Improved MLR pages on HMRC website
We have launched new Money Laundering Regulations pages on our website
today. The new look pages will make it easier to find the guidance and
information you need to help you meet your responsibilities.
April 2009
28 April
New Guidance for Money Service Businesses
(PDF 53K)
New guidance for Money Service Businesses on the Counter Terrorism Act
2008 and what they need to do to make sure they are complying with it.
March 2009
16 March
HM Treasury warns businesses of serious
threats posed to the international financial system
The Financial Action Task Force (FATF) has announced that it remains concerned
by Iran’s failure to meaningfully address the deficiencies in its anti-Money
Laundering and Combating Terrorist Financing (AML/CTF) regime.
February 2009
18 February
Money Laundering Annual Registration Fee
We would like to tell you of an increase, to £120 of the annual registration
fee for businesses registered under the Money Laundering Regulations 2007.
January 2009
2 January
Important information for Money Service Businesses
(MSBs)
Money Service Businesses need to be aware of HM Treasury’s new powers
to issue directions under the Counter Terrorism Act 2008.
