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Government Response to Money Laundering Regulations Consultation
Wednesday, July 25, 2012
The Government has
published its response to the consultation on changes to the
Money Laundering Regulations 2007. According to the
Government, "The proposed changes to the Regulations will apply
to businesses that are at low risk of money laundering and
terrorist financing and are, therefore, not required to be
regulated to the same extent as other institutions, under current
global standards. The aim of the changes is to make the UK's money
laundering regime more effective and proportionate, with the
proposed changes saving firms around £3 million a year."