The government has recently outlined its proposals to implement the EU 4th Money Laundering Directive. The proposals are set out in draft regulations which will replace the existing Money Laundering Regulations and will be known as The Money Laundering Regulations 2017 which will come into effect by 26 June 2017.
The consultation on the new regulations closed on 12 April 2016 and the draft regulations could still be amended following the consultation. Therefore detailed guidance will not be forthcoming until the regulations have been finalised but a summary of key changes is provided to members here.
Money Laundering is just one financial crime risk that organisations face. We would therefore urge organisations to take a holistic view to the management of all financial crime risks such as fraud, cyber-crime, data theft, bribery and corruption by implementing a coherent strategy across the organisation. Please see our video which explains this approach in more detail.
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