I am sure there were whoops of joy in the corridors of power when whoever it was first suggested the idea of the consultation paper. “Let’s put some of our ideas in a document, and then send it out to interested parties and ask for their views and suggestions for improvement. We might get some good ideas – for free – but, best of all, when we bring out our new policy/legislation/plan for world domination, no-one can complain because we gave them the chance to contribute.” And since then, very few changes have been wrought in governmental direction without a toe being dipped in the water by way of a consultation paper.
The world of anti-money laundering is no different. The UK government is currently considering making changes to its Money Laundering Regulations 2007, and so a consultation paper has been issued by HM Treasury. Call me an old cynic (well, a cynic anyway – at least in my hearing), but isn’t it strange how such consultations are frequently conducted over the summer, when there’s a good chance that interested parties might be sunning themselves on foreign beaches? So if you’d like to have your say – and if you have any interest in the UK’s AML regime you must have your say – you’ve got until 30 August to stick your oar in. Here’s where: www.hm-treasury.gov.uk/fin_gov_response_money_laundering_regs.htm.