In this month’s roundup of legal and regulatory developments, law experts at Gateley plc consider delays to the Small Business Bill, AML consultation, interpretation issues in Wood v Sureterm Direct and wrongful trading defence in Brooks
Government consults on anti-money laundering (AML) rules
The government has announced a review into the effectiveness of rules designed to prevent money laundering and terrorist financing following criticism of the complexity and ineffectiveness of the current regime.
The plan is to improve the efficiency and effectiveness of anti-money laundering regime, the way regulation is implemented and simplify the over-complicated and sometimes ineffective requirements of the current system.
This forms part of the government’s cutting red tape review programme.
The decision to review the current rules follows criticism from business that the current guidance, rules and proof of identity requirements are unnecessarily cumbersome and complicated.
