Banking law

HM Treasury consultation on proposed changes to the money laundering regulations 2007: government response

On 17 July 2012 the government published its response to the 2011 consultation that was taken in its review of the Money Laundering Regulations 2007 and proposals for improvement.  The government response follows a lengthy review and consultation of the regulations with engagement from over 250 stakeholders, which found that although the regulations were broadly effective and proportionate there was room for improvements. The government response document and impact assessment set out proposals to reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime.

UK white paper: Banking reform - delivering stability and supporting a sustainable economy

The government will introduce all necessary legislation as soon as parliamentary time allows, and remains committed to completing all primary and secondary legislation by the end of this parliament in May 2015. Banks must comply with all of the measures proposed here by 2019, as the ICB recommended. The government has undertaken an impact assessment of the government's proposals for implementing the ICB recommendations, which can be found in the annex to the white paper.

European Commission consultation on bank accounts

The purpose of this consultation is to gather stakeholders' views on the need for action and on the possible measures to be taken in relation to the issues of transparency and comparability of bank account fees, bank account switching and access to a basic payment account.