The following Corporate Crime guidance note Produced in partnership with Michael Potts of Byrne and Partners LLP provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: The Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018), which received Royal Assent on 23 May 2018, provides a power for Ministers to make regulations for the purposes of enabling or facilitating the detection, investigation or prevention of money laundering and terrorist financing and implementing Financial Action Task Force (FATF) standards. For more information, see Practice Note: Development of sanctions regime in the UK post Brexit—timeline and News Analysis: Impact of new Sanctions and Anti-Money Laundering Act considered. These provisions are not yet in force, see: Sanctions and Anti-money Laundering Act 2018: is it in force?—checklist.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 came into force on 26 June 2017, replacing the existing Money Laundering Regulations 2007 (MLR 2007), SI 2007/2157, which came into force on 15 December 2007.
MLR 2007, which implemented Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, was repealed with effect from 26 June 2017. The regime under MLR 2017, SI 2007/2157 places a far stronger emphasis on a risk-based approach than existed under MLR 2007, SI 2007/2157.
MLR 2017 gives effect to Directive (EU) 2015/849 on the prevention of the
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