HMRC publish two important AML consultations
23/07/2021
HMRC publish two important consultations on the UK Money Laundering Regulations (MLRs) yesterday that will be open for responses until 14 October.
- One is a more targeted set of changes to respond to recent changes to the FATF Standards, e.g. in relation to
- The regulation of virtual assets and
- The requirement to conduct proliferation financing risk assessments,
- As well as fix issues identified following the 2019 amendments to the MLRs.
- The second consultation, which is a much more extensive review of the MLRs. The overarching aim is to seek views on
- How the MLRs could change to enhance the effectiveness of the UK's AML regime.
- The FATF Standards and the risk-based approach will remain the foundation for the MLRs.
- But beyond that, HMRC wants to take a step back and seek views on potentially transformative changes that support the UK's overall economic crime objectives.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.