HM Treasury advises that the Money Laundering (Amendment) Regulations 2012 will come into force on 1 October 2012 – see Regulatory Roundup 31 concerning the consultation.
The Money Laundering changes are fairly low key but nevertheless firms’ MLRO’s may wish to ensure that the amending documentation is filed with their current AML reference material.
Changes include, but are not limited to, definition of “Financial institution” (regulation 3); allowing supervisory authorities (e.g. FSA, OFT etc. as defined in regulation 23) to share information with each other; and amends the “Fit and proper test” (regulation 28).
On the matter of AML reference material, as will be known FATF recently issued an updated list of problem jurisdictions (see Regulatory Roundup 42). Following this, HM Treasury has updated its Advisory Notice. As such, whilst it does not add much it nevertheless constitutes “advice issued by HM Treasury about risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions”.