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Money laundering regulations

Trust Drafting and Precedents

Julie Bell
Bloomsbury Professional
Publication Date:
January 2023
A: FRAMEWORK A1A: Compliance Introductory note MLR 2017 was a sea change for businesses and is discussed below. Since 2017, there has been both a fifth directive (5MLD – transposed into UK law in the form of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (SI 2019/1511) (MLR 2019)), the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (SI 2022/860) and the EU introduced a sixth directive in 2020 (6MLD). The UK government chose to opt out of enforcing compliance with 6MLD, on the basis that existing domestic legislation was sufficient and, in some cases, goes further than needed under 6MLD. However, any regulated UK businesses in the financial sector who operate in Europe must still comply with changes set out in 6MLD.   ...

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