Govt proposes cuts to anti-money laundering duties

The consultation is based on a review of current requirements set out in the 2007 Money Laundering Regulations, taking into account the responses of businesses. In its response to the review, the government made two proposals to reform anti-money laundering requirements. It proposed to remove 24 criminal penalties for businesses which do not have systems and controls in place to prevent money laundering. Instead, the government proposed allowing a risk-based approach in which businesses make their own assessments of the risk of money lending and tackle it independently. Civil pe...