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Money laundering regulations 2017 consultation

Last updated: 21 Mar 2017

Consulting body:
HM Treasury
Period of consultation:
Runs from 15 March 2017 to 12 April 2017
CML action:
Response submitted

HM Treasury are consulting on the draft Money Laundering Regulations 2017, which will bring into UK law, the requirements of the Fourth Money Laundering Directive.

They also pose a number of policy questions which they are seeking views on, alongside views on the draft regulations. The government’s final policy decisions will be implemented through legislation to come into force by 26 June 2017.

CML response

We have no specific drafting comments to make about the regulations.

We believe that the draft regulations meet the government’s aims of keeping the UK’s anti money-laundering/counter terrorist financing (AML/CTF) regime up to date, effective and proportionate.

We note that the regulations will not apply to lettings agents unless they also carry out estate agency work, as is currently the position.

Read the full CML response below.