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Updating the UK’s response to money laundering and terrorist financing

17 July 2025

Proposing MP
Emma Reynolds Lab
Wycombe
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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.
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