HM Treasury has today published its consultation on the implementation of the Fifth Money Laundering Directive (5MLD).
5MLD amends the Fourth Money Laundering Directive (4MLD) on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. The amendments and new provisions have been introduced to further strengthen transparency and the existing preventative framework, whilst ensuring the UK adheres to international standards set by the Financial Action Task Force (FATF).
The government wants to ensure that the UK’s anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses. Read more
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