Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether he expects to implement the EU's fifth Anti-Money Laundering Directive fully in the (a) UK and (b) Gibraltar once the UK has left the EU.

This question was answered on 12th February 2018
Provisional political agreement was reached at EU-level on amendments to the Fourth Anti-Money Laundering Directive in December 2017. The Government anticipates that they will be published in the Official Journal of the EU in summer of this year with Member States then having 18 months to transpose the amendments after they enter into force.

The Government expects that the transposition deadline for these amendments will fall after the date on which the UK ceases to be a member of the EU. Whether we are legally required to transpose the amendments will therefore depend on the negotiated outcome over the terms of the Implementation Period.

Whether Gibraltar is legally required to transpose the Directive will similarly depend upon the negotiated outcome over the terms of the Implementation Period.