May 9 2017
The draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (the draft regulations) were published on 15 March. The draft regulations, which will transpose the EU’s Fourth Money Laundering Directive, are due to commence on 26 June. The draft regulations will repeal and replace the Money Laundering Regulations 2007 (MLRs 2007) and will bring about some significant changes. Firms undertaking work in the regulated sector should ensure they are familiar with them prior to the commencement date. It is important to note that the draft regulations have yet to be finalised and may be subject to change. Indeed, the Law Society and others have made strong representations to HM Treasury recommending amendments.