HISTORIC PRESS RELEASE : Treasury launches consultation on regulation of money service business activities [May 2002]

The press release issued by HM Treasury on 20 May 2002.

The Government is considering amending the Money Laundering Regulations 2001 in order to:

• Require firms that are regulated by the Financial Services Authority (FSA) to inform them if they carry on Money Service Business activity; and
• Require all money remitters to include originator information – the name, address (and, where applicable, the account number) of the customer – on all money transfers sent from the UK, both abroad and within the UK.

These proposed changes will affect banks, money remitters, some bureaux de change and informal remitters such as hawala.  The Government is keen to receive views from all interested parties.