§ Lord Marlesfordasked Her Majesty's Government: When they expect to bring the draft Money Laundering Regulations 2003 into effect; and [HL204]
83WAWhat representations they have received from commerce, industry and charitable organisations on the cost of complying with the draft Money Laundering Regulations 2003; and what changes to the regulations they propose as a result of such representations. [HL205]
§ Lord McIntosh of HaringeyThe Money Laundering Regulations 2003, together with amending orders for the Proceeds of Crime Act 2002 and the Terrorism Act 2000, were laid before Parliament on 28 November 2003. The regulations and amending orders will come into force from 1 March 2004.
The majority of the responses to the Treasury's consultation on draft regulations, issued in November 2002, were broadly supportive of the approach taken in the draft and some included a number of constructive suggestions to improve the regulations. A regulatory impact assessment was placed in the House Library when the regulations were laid, and this will also be made available on the Treasury website. The RIA contains details of cost estimates and changes to the draft regulations following consultation.