Part 6: Miscellaneous Other miscellaneous provisions Section 77: Politically exposed persons: money laundering and terrorist financing
Section 77 sets out a requirement for HM Treasury to amend the MLRs such that "domestic PEPs" (PEPs entrusted with prominent public functions by the UK) and their family members or known close associates would be subject to a lesser level of enhanced due diligence, unless any other ‘enhanced risk factors’ are present. The requirement is also for the regulations to be laid in Parliament within twelve months of Royal Assent, and for HM Treasury lay a statement in Parliament within six months to update on its progress.