The following Financial Services guidance note provides comprehensive and up to date legal information covering:
STOP PRESS: On 10 January 2020, the Fifth Money Laundering Directive (EU) 2018/843 (MLD5) was transposed in the UK through changes made to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs) by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511. This Practice Note will be updated in due course in light of this development.
Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note.
On 19 April 2018, the European Parliament voted to adopt the Fifth Money Laundering Directive (MLD5), which amends the Fourth Money Laundering Directive (EU) 2015/849 (MLD4). On 25 April 2018, the Council of the EU published an Information Note which explains that this constituted the European Parliament’s first reading of MLD5 and states that the Council should be in a position to approve the Parliament’s position, following which MLD5 would be adopted using the wording which corresponds to the Parliament’s position. On 14 May 2018, the Council announced that it had adopted MLD5.
The Fifth Money Laundering Directive (EU) 2018/843 was
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