Money Laundering: EU Law

(asked on 15th January 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to implement the Fifth Anti-Money Laundering Directive of the EU.

Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 21st January 2020

The government transposed the vast majority of the provisions in the Fifth Anti-Money Laundering Directive into domestic law through, ‘The Money Laundering and Terrorist Financing (Amendment) Regulations 2019’, which came into force on 10 January 2020.

This transposition ensures the UK’s AML/CTF regime remains comprehensive, responsive to emerging threats, and in line with evolving international standards set by the Financial Action Task Force.

The consultation on the implementation of the Directive committed to a further technical consultation on the details of the implementation of measures related to trust registration. This consultation will launch in early 2020 and will ensure the Trust Registration Service contains a robust and proportionate framework, which will be transposed into domestic law during 2020.

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