HM Treasury has published:

• a consultation on the Money Laundering Regulations 2017, which (i) outlines responses submitted and the UK Government’s policy positions following its previous consultation on the transposition of the Fourth Money Laundering Directive and Fund Transfer Regulation (see daily news 16 September 2016); and (ii) is accompanied by a draft of the Money Laundering Regulations 2017. The deadline for comments is 12 April 2017; and
• its response to feedback received to the Government’s call for information on the UK’s anti-money laundering (AML) supervisory regime and cutting red tape review of the UK’s AML and counter financing for terrorism (CFT) regime, which formed part of the Government’s wider Action Plan for AML/CFT (see daily news 14 October 2016).

In response to the call for information on the UK’s AML supervisory regime and cutting red tape review of the UK’s AML/CFT regime, the Treasury has published plans to create a new watchdog, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which is intended to help improve the overall standards of supervision and complement the Money Laundering Regulations 2017.

Copies of the consultation; the response to consultation on the AML supervisory regime; the draft Money Laundering Regulations 2017; and press release are available.