A joint response paper by the Futures and Options Association and the Association of Financial Markets in Europe to HM Treasury’s Review of the Money Laundering Regulations 2007.
AFME and the FOA welcome the opportunity to respond to HM Treasury (“HMT”) regarding its review of the Money Laundering Regulations 2007 (“MLR”).
We would like to emphasize to HMT that member firms of both AFME and the FOA which operate in the UK are regulated by the Financial Services Authority (“FSA”) for, inter alia, money laundering purposes. It is the perception of many of these firms that the FSA is amongst the most rigorous of supervisors for money laundering purposes of all the 28 money laundering supervisors within the UK and, accordingly, our members would wish to see other supervisors discharge their responsibilities with equal vigour. Our submission only deals with those questions where our member firms are potentially affected or have an interest.
