Explanatory note

These Regulations, which come into force on 31st March 2012, amend the Money Laundering Regulations 2007 (S.I. 2007/2157) which implement in part Directive 2005/60/EC of the European Parliament and of the Council (OJ No L 309, 25.11.2005, p. 15) on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.

Regulation 2 changes the supervisory authority for credit unions in Northern Ireland from the Department of Enterprise, Trade and Investment in Northern Ireland to the Financial Services Authority.

Regulation 3 requires the Treasury to review the operation and effect of these Regulations and publish a report within five years after they come into force and within every five years after that. Following a review it will fall to the Treasury to consider whether the Regulations should remain as they are, or be revoked or amended. A further instrument would be needed to revoke or amend the Regulations.

No separate impact assessment has been prepared for this instrument. An impact assessment of the effect that bringing Northern Ireland credit unions under supervisory authority of the Authority will have on the costs of business and the voluntary sector is available from the Mutuals Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published with the Explanatory Memorandum alongside S.I. 2011/2716 on legislation.gov.uk.