The Guardian on 23rd July reported that Margaret Hodge MP had received a letter from the Department for Business, Energy and Industrial Strategy (BEIS) says the government will to adopt the 5th EU AML Directive. The letter said that the deadline for the transposition of the Directive falls within the implementation period and the UK will transpose the Directive. The report reminds one of the main features of the Directive – public registers of company owners; access to the names of the beneficiaries of trusts for law enforcement agencies and those with a “legitimate interest” (including investigative journalists and NGO); cross-border database of company and trust owners; and automatic access to the names of bank account holders for national FIU. The Directive will only automatically to the UK, and not to its Overseas Territories (e.g. BVI) or the Crown Dependencies of Jersey, Guernsey and the Isle of Man (though the latter have tended to voluntarily stay in line with previous AML Directives in the past). Although the position in the event of a breakdown in Brexit talks, the article says that UK is likely to stick closely to EU policy on AML if it wants continued access to European markets.