THE EU’S LATEST MONEY LAUNDERING DIRECTIVE: DOES THE UK COMPLY?

On 3rd December, an article from Bright Line Law looks at how the 6th AML Directive may affect the UK.  The Directive has to be transposed in Member States by 3rd December 2020.  The article says that, whereas the UK confirmed that it will transpose the 5th AML Directive into domestic law, it declined to do so for the most 6th Directive.  As Brexit approaches, the UK declined to “opt in” – exercising a concession to the Lisbon Treaty secured by the UK where EU measures relate to “freedom, justice or security”.  When declining to opt-in, the government reported to Parliament that the UK is already “largely compliant” with the Directive’s measures in any event.  The article asks whether the UK government has made the correct decision, particularly in relation to corporate liability.

https://www.brightlinelaw.co.uk/bll-bulletin/the-eu-s-latest-money-laundering-directive-does-the-uk-comply.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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