As a global financial centre, the UK is at the forefront of ensuring effective anti-money laundering regulations are in place. These regulations are essential to prevent money generated through crime or for criminal purposes from entering our economy. Day-to-day we meet businesses that are passionate about these regulations to deter and detect criminal behaviour. But ensuring that regulations are focused on criminal activity, whilst not placing unnecessary and ineffective burdens on business, is essential for our security, productivity, innovation and growth. That is why this summer, the Business Secretary – Sajid Javid – announced the Better Regulation Executive would be launching a review of financial red tape to ensure regulation is as effective as possible.
Since the Business Secretary’s announcement, we have been calling on firms across the country to tell us where anti-money laundering guidance and supervision is unclear, ineffective and therefore holding businesses back. We want to amplify the voice of business to show exactly where the regime can be improved. Furthermore, we want to hear from all sectors of the economy, from the large law and accountancy firms to small antique dealers and casinos. Following our review, we will be publishing our findings and working with regulators to ensure that regulations work for customers, businesses, and regulators alike.
Currently our team is travelling up and down to country to meet with a range of businesses, trade associations, sole traders, and regulatory bodies, to find out where the current anti-money laundering regime is ineffective. The opportunity for businesses to have their voices heard is open to all, whether this takes the form of leaving a comment on our Cutting Red Tape website , or dropping us an email at email@example.com to share feedback or set up a meeting. If you have already shared your view, make sure those you work with share theirs too. You can re-blog this post, or tweet us at @CutRedTapeUK #CutRedTape.