HM Treasury introduces targeted reforms to the UK’s money laundering regulations to improve effectiveness, close loopholes and deliver a more proportionate, risk-based regime

The reforms amend the Money Laundering Regulations 2017 to address weaknesses identified through consultation, including issues relating to customer due diligence, cryptoasset regulation, trust registration and supervisory coordination. According to HM Treasury, the measures are designed to strengthen the UK’s anti-money laundering and counter-terrorist financing framework while reducing unnecessary compliance burdens and improving proportionality for firms.