The EU’s Fourth Anti-Money Laundering Directive (EU) (2015/849) came into effect on 26th June 2017, along with the UK transposing the new Directive into local law in the form of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17). The Directive and Regulations bring a more risk-based approach to fighting money laundering and terrorist financing and all of our AML documents have been updated to accomdate the new rules and requirements.
The EC proposed further preventative measures in 2016, which has resulted in the Fifth Anti-Money Laundering Directive (EU) (2018/843), which was adopted and entered into force on 9 July 2018. EU Member States have until 10th January 2020 to transpose the amendments to 4MLD into law. In the wake of Brexit, the UK is still likely to impose many of the new Directive amendments to ensure a structured and robust approach to money laundering.