HM Treasury – consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Posted on11 April 2024

This is part of HMTs commitment to consult on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, as set out in the Economic Crime Plan 2023 to 2026. There are four main themes of focus:

making customer due diligence more proportionate and effective
strengthening system coordination
providing clarity on the scope of the MLRs
reforming registration requirements for the Trust Registration Service.

It principally covers issues already identified by HM Treasury, for example in its 2022 review of the UK’s anti-money laundering and counter-terrorist financing regulatory and supervisory regime.

The 2022 review found that, while the core requirements of the MLRs are mostly fit for purpose, potential technical changes could be made to increase effectiveness and ensure proportionality for regulated firms and customers.

The Law Society will be engaging with our members and with our Money Laundering Task Force to respond to this consultation before it closes on Sunday 9 June 2024. Should your Law Society want to feed-in to our response, any collated views from your Society/wider membership would be gratefully received. Please send these through to me cc’ing Rick.Kent@LawSociety.org.uk or the consultation can be responded to here: Read the consultation on the GOV.UK website

Burges Salmon has been an enthusiastic supporter of BLS for many years. BLS provides a valuable role in uniting and promoting the whole of the legal sector across Bristol to benefit both its members and the city. It facilitates collaboration across the sector to ensure that we can all make a difference. Whether that is driving important initiatives in, for example, Equality, Diversity and Inclusion and the use of new technologies, liaising with stakeholders and charities in our wider community or providing training to generations of lawyers, the service and support provided by BLS is invaluable. More recently BLS has taken a lead on promoting Bristol’s legal brand, encouraging legal and business services talent to come to the city, which in turn attracts clients and inward investment to our thriving and vibrant commercial community. BLS breaks down barriers and brings those in the profession together for the greater good. We are proud of our long-standing association with BLS.
Roger Bull - Managing Partner, Burges Salmon
Three things to say about my experience of working with Bristol Law Society. Their central team, council members and general hangers-on are just about the nicest, most generous group of people working in the legal sector today. The numerous events, awards, socials and conferences I’ve had the pleasure to attend over the years have been, without exception, top quality and supremely organised. And, thirdly, they consistently exceed and challenge the boundaries of what lawyers might assume a regional Law Society will restrict activities to – from a hugely successful charitable school meals drive to corporate social responsibility and diversity campaigns to being joint architects and coordinators of the region’s unique Bristol+BathLegalTech group, which it has been my privilege to co-chair for the last five years.
Chris Bull - Principal, Edge International
As one of the leading Insurance brokers for law firms in the UK and with a large presence in Bristol it seemed only natural for us to support the Bristol Law Society. Bristol Law Society is one of the oldest and most vibrant of the Law Societies in England and Wales. We are pleased to be working with them on important matters relating to law firms’ liability insurances and Risk Management. From Sole Practitioner to Top 20 law firms we are sure our two organisations can provide excellent support and assistance for the challenges faced by the legal profession.
Matthew Baker - Financial Lines Group, Howden Insurance Brokers Ltd
Joining BLS in 2013 and becoming President in 2018/19 has created many longstanding friendships and business relationships, whilst also unlocking doors to other opportunities in the City. BLS enabled a perfect balance of professional development and also opportunities to give back to the legal and wider community. I am pleased that my Firm has supported BLS in many capacities since 2013 and continues to do so.
Nicholas Lee- Managing Director of Paragon Costs Solutions and Past President of BLS