House of Commons · Written Ministerial Statement
Updating the UK’s response to money laundering and terrorist financing
17 July 2025 · Treasury
Proposed by Emma Reynolds Lab Wycombe
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The UK Government is publishing the fourth National Risk Assessment and HM Treasury's response to a consultation on improving the Money Laundering Regulations.
- The government will introduce changes to the Money Laundering Regulations to enhance customer due diligence requirements and close trust registration loopholes.
- Updates include improved information sharing between supervisors and new rules for cryptoasset service providers.
Issue summary
The UK Government is publishing two key documents to address money laundering and terrorist financing risks, including the fourth National Risk Assessment (NRA) and HM Treasury's response to a consultation on improving the Money Laundering Regulations.
Action requested
The government will introduce targeted changes to the Money Laundering Regulations based on an evidence-led risk-based approach. These include updates to customer due diligence requirements, closing loopholes for trust registration, improved information sharing between supervisors, and updated rules for cryptoasset service providers. The NRA has been laid before Parliament.
Key facts
- The UK’s fourth National Risk Assessment of Money Laundering and Terrorist Financing (NRA) was published jointly by HM Treasury and the Home Office.
- The consultation on Improving the Effectiveness of the Money Laundering Regulations attracted over 200 responses from various stakeholders.
- Amendments to the MLRs include changes for enhanced due diligence, clearer customer due diligence requirements, closing loopholes related to trust registration, improved onboarding in bank insolvency scenarios, and updated rules for cryptoasset service providers.