Correction Slip 1

On December 22, 2023, a correction slip to the new Money Laundering and Terrorist Financing (Amendment) Regulations 2023 as regards the treatment of a domestic politically exposed person (PEP) was published on legislation.gov.uk, the official UK platform for the publication of legal texts.
The correction slip modifies the Explanatory Note, specifically the last paragraph of such, to read as follows – as quoted:
“A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.”.
To recall, the regulations modify the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), specifically regulation 35 thereunder, to stipulate the treatment of a domestic politically exposed person (PEP) or a family member or known close associate of a domestic PEP for purposes of applying adequate customer due diligence measures to prevent money laundering and the financing of terrorism. Please see EventID 24272 in this context for more information.