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.
The Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4) was adopted by the European Parliament on 20 May 2015, becoming effective on 25 June 2015. It is intended to update and improve the EU's anti-money laundering (AML) and counter terrorist financing (CTF) laws. The package consists of:
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC (MLD3) of the European
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