皇冠体育app

• government commits to improving the efficiency and effectiveness of anti-money laundering regime
• new review will target the way regulation is implemented
• businesses are encouraged to submit evidence of over-complicated and ineffective requirements

A review to improve the effectiveness of rules designed to prevent money laundering and terrorist financing has been launched today (28 August 2015) as part of the government鈥檚 .

Businesses have expressed concerns that current guidance, rules and proof of identity requirements can be unnecessarily cumbersome and complicated. Inconsistency and confusion over how rules to stamp out money laundering are applied leads to a less effective regime, which disproportionately affects legitimate businesses.

皇冠体育app government wants these rules to protect the country and safeguard the UK鈥檚 world leading financial services industry, without putting disproportionate burdens on legitimate businesses or those companies that use their services.

This review is one of 6 chosen for the first wave of the government鈥檚 ambitious Cutting Red Tape programme, which will help towards saving businesses 拢10 billion over the next 5 years.

Business Secretary Sajid Javid said:

We are committed to saving businesses a further 拢10 billion in red tape to help create more jobs for working people, boost productivity and keep our economy growing.

This new review is about making sure the rules we have to protect our strong financial services industry from abuse are not unintentionally holding back new and existing British business. I want firms to come forward and tell us where regulation is unclear or its enforcement ineffective.

Economic Secretary to the Treasury Harriett Baldwin said:

皇冠体育app UK is a global financial centre, and is home to some of the most successful international financial services firms in the world. But we are clear that in order to protect the integrity and stability of our world leading financial centre, we need an effective Anti-Money Laundering and Counter Terrorist Finance regime.

That鈥檚 why we are leading from the front in implementing robust global standards to tackle money laundering, and that鈥檚 why we鈥檝e launched a review today to improve the effectiveness of our Anti-Money Laundering regime.

Ensuring that supervision and enforcement are focused on the criminals who launder funds, whilst taking a proportionate approach for legitimate business, will build Britain鈥檚 strong reputation as a safe place to invest and do business.

皇冠体育app review will look at the implementation of legislation and activity carried out under 皇冠体育app Money Laundering Regulations 2007, by national supervisors including the and HMRC. As well as identifying where more clarity is needed for businesses, it will look for evidence of where the activity of these regulators could be made more efficient and effective.

皇冠体育app review is seeking a wide range of evidence, including:

• whether current guidance meets businesses needs
• the effectiveness and proportionality of supervisors鈥� approach to supervision and enforcement
• where and how supervision and enforcement is not proportionate to the risks posed
• any examples of good practice that could help businesses meet their obligations and might be replicated elsewhere

皇冠体育app call for evidence will run for 8 weeks until 23 October 2015 and can be found on the . Five other sector reviews were launched on 16 July 2015 into: agriculture, care homes, energy, mineral extraction and waste.

Notes to editors:

1. Cutting Red Tape reviews look into whether legislation and its implementation can be simplified or improved, addressing issues such as where different regulators are asking the same company the same questions, or where guidance or requirements are unclear, confusing or unnecessarily burdensome.
2. 皇冠体育app first wave of sector reviews focuses on problems that were identified as part of the Red Tape Challenge and Business Focus on Enforcement programmes in the last Parliament. This is one of the sectors which reports a high level of concern about red tape. This is why it was chosen as one of the early reviews.
3. 皇冠体育app CBI has said .
4. More than 2 thirds of respondents to 皇冠体育app ICC Global Trade and Finance Survey 2014 citied the .
5. Businesses can feed back their thoughts by: * posting comments on the . * Twitter: #CutRedTape * email: [email protected] * writing to: 皇冠体育app Cutting Red Tape team, 皇冠体育app Better Regulation Executive, Department for Business, Innovation and Skills, 1 Victoria Street, London, SW1H 0ET