Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department has taken in response to the close of the call for evidence on the Review of the UK’s AML/CTF regulatory and supervisory regime.

On the 24 June, HM Treasury published the review of the UK’s AML/CFT regulatory and supervisory regime, that set out the strengths and deficiencies of the UK’s regime. Alongside a forward-looking document, publication of two post-implementation reviews was legally required, assessing the effectiveness of the Money Laundering Regulations 2017 and the Oversight of Professional Body AML Supervision Regulations 2017.

The review is structured around systemic, regulatory and supervisory effectiveness and focuses on improving the effectiveness of the Money Laundering Regulations, ensuring the application of an effective risk-based controls across the regulated sector and continuing to develop a world-leading anti-money laundering supervision regime. The Treasury has also committed to issuing two further consultations, on supervisory reform and potential amendments to the MLRs.