UK Government responds to Law Commission SAR regime review
Update
In 2017, the Home Office asked the Law Commission to review limited aspects of the anti-money laundering regime in Part 7 of the Proceeds of Crime Act 2002 and the counter-terrorism financing regime in Part 3 of the Terrorism Act 2000.
The Law Commission was asked to consider whether there is scope, within the existing legislative framework, for reform of the system of voluntary disclosures known as the consent regime.
In 2019, the Law Commission published its report. It makes 19 legislative and non-legislative recommendations covering:
• Exemptions from the substantive money laundering offences
• The use of suspicion as a threshold for information sharing
• Statutory guidance
• Data exploitation.
Click on the link below to see an outline of the government’s response to the 19 recommendations and responses to each recommendation chronologically.