Fourth EU Money Laundering Directive Transposition – Update
In October 2016, Peter Robinson responded to a request from HM Treasury for comments and views upon the proposed transposition into legislation of the Fourth EU Money Laundering Directive (4MLD). You can read the letter he wrote in the news section dated 10 November 2016.
HM Treasury have recently circulated draft Regulations, building on their earlier consultation on how the 4MLD should be adopted into UK law and requesting final comments from industry by 12 April 2017. At the end of this period, HM Treasury will review the comments received and the final Regulations will become law in June this year.
AIPP is delighted to note that all of Peter’s original comments from October 2016 have been reflected in the draft Regulations and that no further commentary is required.
AIPP will provide further information and guidance relating to what has changed and the things our membership need to do to comply with the new regulations once HMRC has finalised their work.