The Money Laundering Regulations 2007: new or just re-dressed?

HM Treasury is consulting on new Money Laundering Regulations to implement the Third Money Laundering Directive. They are longer than the current version and will have significant impact on firms that are not used to thorough standards of anti-money laundering compliance. But will they make a big difference to those that are? Emma Radmore of Denton Wilde Sapte looks at the main changes.

Emma Radmore is a senior solicitor and professional support lawyer in the Financial Markets and Regulation Group at Denton Wilde Sapte LLP. Contact her on +44 (0) 20 7246 7206 or emma.radmore@ dentonwildesapte.com.

Why the need for change?

The UK needs to implement the EU’s Third Money Laundering Directive (3MLD) by 15 December 2007. UK law does not currently meet the Directive’s requirements in all areas, so the Treasury needs to make some changes.