Impact of Brexit: AML and CTF regime—quick guide [Archived]

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: AML and CTF regime—quick guide [Archived]
  • European AML/CTF legislative framework—MLD4, MLD5 and WTR2
  • In-flight legislation
  • Directive on the criminalisation of money laundering (MLD6)
  • Regulation on controls on cash entering or leaving the EU
  • Directive on the use of financial and other information to combat serious crimes
  • Regulation on the mutual recognition of freezing orders and confiscation orders
  • UK implementation of European AML/CTF framework
  • The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019, SI 2019/253
  • The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, SI 2020/991
  • More...

Impact of Brexit: AML and CTF regime—quick guide [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. For developments, relating to the UK and EU’s UK AML/CTF regime post Brexit, including the developments summarised in this quick guide, see the following Practice Notes: Introduction to the UK AML/CTF legal and regulatory framework for financial services and Introduction to the EU AML/CTF legal and regulatory framework for financial services. For a comprehensive outline of AML/CTF developments in the UK and EU, including links to relevant LexisPSL resource, see AML/CTF legal and regulatory regimes for financial services firms—timeline.

This Brexit quick guide considers measures under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) (as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020)) to implement and update the UK’s anti-money laundering (AML)/counter-terrorist financing (CTF) regime post-Brexit, including onshoring the Wire Transfer Regulation (WTR2). It also considers in-flight European AML/CTF legislation, the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018), updates to the Money Laundering Regulations (MLRs) from EU Exit statutory instruments, and consequential changes to the FCA Handbook.

European AML/CTF legislative framework—MLD4, MLD5 and WTR2

The principal EU legislative measures on anti-money laundering (AML) and counter-terrorist financing (CTF) are:

  1. the Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4), which became effective on 25 June 2015—the final date for implementation of MLD4 by Member States was 26

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