Events listed in The Money Laundering
Correction Slip 1
ID 26537
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 ...
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023
ID 26289
On December 14, 2023, the new Money Laundering and Terrorist Financing (Amendment) Regulations 2023 were published on legislation.gov.uk, the official UK platform for the publication of legal texts. 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 ...
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. ...
ID 26068
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023 (SI 2023/1306) was published on legislation.gov.uk, the official platform of the UK government for publicizing legal documents. The regulations modify The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) to replace the list of high-risk third countries in Schedule 3ZA with a new ...
Proceeds of fraud – Detecting and preventing money mules
ID 25413
On October 19, 2023, the Financial Conduct Authority (FCA) released the results of its review of payment account providers‘ systems and controls in relation to money mule activity. The review followed the implementation of a strategy by the UK government earlier this year which prioritizes money mule activities due to their harm to the UK financial market and society as a whole. It may ...
FCA launches review of treatment of Politically Exposed Persons
ID 24827
The Financial Conduct Authority (FCA) has published a press statement in which it announces an upcoming review of the treatment of domestic Politically Exposed Persons (PEPs) by regulated firms in relation to anti-money laundering (AML). The review is being conducted due to concerns that firms may not be treating customers individually as directed by UK legislation and FCA guidance. The FCA has also published ...
Reforming anti-money laundering and counter-terrorism financing supervision
ID 23976
The HM Treasury has launched a high level consultation on potential reforms to the anti-money laundering (AML) and counter-terrorism financing (CTF) supervisory regime in UK to address current weaknesses that were identified during a 2022 review of the framework. Also, a review by the Financial Action Task Force on Money Laundering (FATF) showed that the existing supervisory regime is missing efficiency and effectiveness, although ...
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) ...
ID 23895
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2023 (SI 2023/704) was published on legislation.gov.uk, the official platform of the UK government for publicizing legal documents. The regulations modify The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) to replace the list of high-risk third countries in Schedule 3ZA with a new list for ...