Following a consultation on the rules by the last government, the Treasury will make a number of changes to the current anti money laundering (AML) regime to improve the effectiveness of the rules to crack down on economic crime.

An exact date for introduction of the revised regulations has not been confirmed but the Treasury said it ‘intended to publish the draft statutory instrument in the coming months for technical feedback, before laying in parliament later this year if parliamentary time allows’.

‘The changes we are taking forward will strengthen our regime by closing loopholes in the existing regulations, addressing new and emerging threats, and clarifying requirements so that they are more targeted and effective,’ said Emma Reynolds, economic secretary to the Treasury.