The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
en
EXITING THE EUROPEAN UNION
FINANCIAL SERVICES
Statute Law Database
2022-11-14
Expert Participation
2022-09-01
These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”). The provisions are mainly—in regulation 7, to transpose amendments made to Article 31 of Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing by Directive 2018/843/EU of the European Parliament and of the Council of 30th May 2018;in regulation 14, made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a) and (g) of subsection (2)).