Government responds to 2024 MLR consultation
HM Treasury (HMT) has published the government’s response to the 2024 consultation on the Money Laundering Regulations (MLRs), detailing changes that will be made to the MLRs to close loopholes, clarify requirements and ensure customer due diligence is targeted at high-risk activity. A draft Statutory Instrument will be published for technical feedback in due course, and laid before Parliament later in 2025 if parliamentary time allows. The government says other issues will be addressed through guidance, in collaboration with supervisors, to ensure a consistent, risk-based approach.