Fifth Delegated Legislation Committee
3 June 2026
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Committee House of Commons
00:09 - 00:16
Speaker 1
Order. Order. The draft money laundering and terrorist financing amendment regulations 2026. I call the minister to move the vote.
00:18 - 02:37
Speaker 6
Thank you. It's an honor to serve under your chairship. Honourable members, I beg to move that the committee consider this statutory instrument, which is aimed at improving the effectiveness of The UK's anti money laundering regime. Money laundering is not a victimless crime. It fuels serious organized crime that damages our high streets and ruins the lives of people who fall victim to fraud, human trafficking, and the drugs trade.
It undermines The UK's reputation as a safe and secure place to do business, and in doing so, it undermines the interests of legitimate businesses. As new technologies emerge and criminals find new ways to launder illicit funds, the government is taking action to turn the tide on dirty money. This includes a new high street organized crime unit being set up by the National Crime Agency backed by 30,000,000 of additional fund over the next three years. This will target cash intensive businesses such as barber shops, vape stores, mini marts, and sweet shops, which are exploited by criminal groups to conceal their activities. This are this eye represents a significant update to the money laundering regulations, which require financial institutions and other regulated businesses to take measures to avoid being used by criminals, to launder the proceeds of crime, and to ensure that any attempts to do so are detected and flagged to law enforcement.
The SI makes a number of changes to ensure that regulatory requirements are proportionate and risk based while closing loopholes and making the regime clearer and easier to use. This reflects the government's determination to build a more effective anti money laundering system sitting alongside the major reforms announced last year to our anti money laundering supervision regime. This SI consists of measures on four core themes, making customer due diligence more proportionate and effective, strengthening system coordination, closing loopholes in coverage, and reforming registration requirements for the trust registration service. There are also additional minor and technical changes which serves to improve consistency and ensure The UK complies with the standards set by the Financial Action Task Force, the global standard setter on anti money laundering. Turning first to the measures on customer due diligence.
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