On the 15th September 2016, HM Treasury published a Consultation on the Fourth Money Laundering Directive, inviting views and evidence to inform government on the transposition of the directive into UK law.
Relevant businesses and individuals in the UK are currently subject to the Money Laundering Regulations 2007 (3MLD) which seeks to mitigate the risks of money laundering and terrorist finance. The 2007 regulations apply to the conduct of business and transactional work in the UK, affecting credit and financial institutions, auditors and accountants, legal professionals, estate agents, high value dealers and casinos. The regulations require a number of measures relating to due diligence, monitoring, verification, registration, record keeping and employee training. The regulations are superintended by various regulatory bodies and subject to criminal sanctions. For more information see Practice note, Money laundering: offences under the Money Laundering Regulations 2007. Continue reading