24 April 2018

Call to give views on BIS anti-money laundering consultation

The Department for Business, Innovation and Skills (BIS) is conducting a review of the Anti-Money Laundering and Terrorist Financing Regime. This is one of six " Cutting Red Tape" reviews the Government is undertaking as part of its Productivity Plan.

This Review is seeking evidence of the impact on business of the current anti-money laundering and terrorist finance regime, and specifically the role of supervisors in that regime. The aim is to examine the potential to improve compliance and efficiency, by identifying aspects of the supervisory regime that appear to businesses in the regulated sector to be unclear, unnecessarily cumbersome, conflicting or confusing.

Interestingly, the Legal Services Board's Cost of Regulation Report published in March noted that a significant proportion of both those regulated as entities and individuals rated areas that are not regulations specific to legal services (for example complying with Money Laundering regulations under the Proceeds of Crime Act 2002) as a regulatory cost.

If you want to find out more about the BIS review, including how to respond, visit the Cabinet Office website. The evidence-gathering phase of this review runs until 23 October.