HM Treasury has published its fifth annual report on anti-money laundering and countering the financing of terrorism (AML/CFT), and covers activity undertaken in 2014 to 2015.
The report notes three major developments in the UK’s AML/CFT regime which have taken place since the end of the reporting period: the adoption of the EU’s Fourth Anti-Money Laundering Directive (4MLD) in June 2015, the publication of the UK’s National Risk Assessment of Money Laundering and Terrorist Financing in October 2015, and the release of the Action Plan which addresses the findings of the National Risk Assessment.
The 4MLD will be transposed into UK legislation by June 2017, and new Regulations will replace the Money Laundering Regulations 2007. The report states that the Government will issue a consultation on the transposition of the 4MLD “later in 2016”. The consultation will primarily focus on areas where the 4MLD provides Member States flexibility in transposing its requirements.
View Anti-money laundering and counter terrorist finance supervision reports, 26 May 2016