Money Laundering Regulations

House of Lords written question – answered on 10th January 2006.

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Photo of Lord Marlesford Lord Marlesford Conservative

asked Her Majesty's Government:

What estimate they have made of the cost to the regulated sector of complying with the provisions of the Money Laundering Regulations 2003; and whether they will place in the Library of the House copies of the guidance on compliance issued to the different parts of the regulated sector.

Photo of Lord McKenzie of Luton Lord McKenzie of Luton Government Whip, Government Whip

Information about the costs to the regulated sector of complying with the 2003 Money Laundering Regulations are contained in the regulatory impact assessment to the regulations, issued by the Treasury on 26 November 2003. This is available at www.hm-treasury.gov.uk/media/4B7/B5/fullriamlr03–80.pdf.

Sectoral guidance on anti-money laundering/counter terrorist finance is usually produced by industry bodies rather than the Government. However, HM Revenue and Customs is developing some guidance for money service businesses and high value dealers. A working draft of HMRC guidance is publicly available at www.hmrc.gov.uk and is likely to be developed further in the new year.

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