Brexit—anti-money laundering and counter-terrorist financing—law firms [Archived]

The following Practice Compliance practice note provides comprehensive and up to date legal information covering:

  • Brexit—anti-money laundering and counter-terrorist financing—law firms [Archived]
  • European influence on the AML and CTF regime
  • Brexit preparations
  • Implications for you

Brexit—anti-money laundering and counter-terrorist financing—law firms [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained.

Europe has a huge influence on the UK’s anti-money laundering and counter-terrorist financing (AML and CTF) regime. This Practice Note is concerned with the development of AML and CTF law in the UK after the decision to leave the EU in June 2016.

European influence on the AML and CTF regime

AML and CTF law is governed mainly by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, which implement the Fourth Money Laundering Directive (EU) 2015/849 (4MLD) and the Second Wire Transfer Regulation (EU) 2015/847 (WTR2) in the UK and entered into force on 26 June 2017.

The MLR 2017 are the subject of extensive guidance produced by the Legal Sector Affinity Group, which comprises the AML Supervisors for the legal sector. This guidance outlines the best practice that law firms and their staff should seek to emulate.

The Fifth Money Laundering Directive (EU) 2018/843 (5MLD)

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