A newsletter for investment managers from Sidley Austin LLP on 8 February reported that, on 14 January, the Joint Money Laundering Steering Group (JMLSG) issued a press release highlighting the impact of the end of the Brexit transition period on the JMLSG AML/CFT guidance.  The JMLSG notes that the guidance is based on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). JMLSG explains that there are remaining references in the guidance based on the premise of the UK’s membership of the EU, which were based on provisions in the MLR prior to legislative amendments made to take Brexit into account.  JMLSG confirms that these references are no longer appropriate and will be amended in due course.  JMLSG considers that the end of the Brexit transition period has not in itself increased the inherent AML/CFT risks.

The JMLSG news release is at –

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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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