UK Treasury issues AML rules

London -- The UK Treasury began to circulate its finalised anti-money laundering regulations to industry officials during early December 2003, after publishing an announcement on its website at the end of November stating that the new rules had at last been finalised. The rules have been laid before parliament.

The UK’s new anti-money laundering framework, which implements the EU’s Second money laundering directive, was long past its original deadline. The biggest change the new legislation brings is its application of the AML reporting framework to a host of new industries, including the legal profession, casinos, dealers of high-value goods, insurers, asset managers, accountants, estate agents, auctioneers, and other professions.

But the new rules, which must be implemented by firms by the beginning