On 13 December 2018, there was published on the legislation.gov.uk website The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018 together with an explanatory memorandum.
The statutory instrument amends the:
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) in order to implement minor amendments the Fourth Anti-Money Laundering Directive made by Directive 2018/843/EU and to specify fully the appeal rights under the MLRs;
- Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 in relation to the disclosure of information by the FCA when carrying out its role under that statutory instrument; and
- Solicitors (Scotland) Act 1980 to ensure that the Law Society of Scotland can act effectively as an anti-money laundering supervisor.
The statutory instrument comes into force on 10 January 2019.