The UK isn’t deregulating its money-laundering rules, but officials say they want those rules to be more effective. And it looks like deregulation, to at least some extent, will be part of the change envisioned by the government. Decades after international terrorism made the fight against money laundering a priority in developed economies and years after Brexit shook the UK’s trade practices the government is considering tinkering with AML regulations.
This week, Treasury officials published a so-called consultation, or a document spelling out what they want to do and asking for input from citizens. Don’t expect a role-back of fines, however. Last summer, the UK increased penalties.
