The HM Treasury initiated a consultation regarding enhancements to the Regulations concerning the handling of funds and preventing illicit financial activities, which were established in 2017. This move aligns with the Treasury’s broader commitment outlined in the Economic Crime Plan (2023-26) aimed at combatting financial crimes.
The consultation, slated to conclude on June 9th, primarily focuses on addressing issues previously highlighted in reviews, such as one conducted in 2022. This review identified several technical adjustments that could enhance the efficacy and fairness of the regulations for both businesses and their clients.
