Regulation Tomorrow

Government responds to MLD5 queries from the House of Commons European Select Committee

The Department for Exiting the European Union has published a letter from John Glen MP, Economic Secretary to the Treasury, to Sir William Cash, Chair of the House of Commons’ European Select Committee, on the proposed Fifth Money Laundering Directive (5MLD).

Among other things, the letter notes that after the UK ceases to be a member of the EU and becomes a third country, the European Union (Withdrawal) Bill will preserve the Regulations that implement the Fourth Anti-Money Laundering Directive in the UK (the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) subject to minor amendments being made to rectify any deficiencies within the legislation caused by the UK no longer being a member of the EU. The existing risk-based approach of UK supervisors and firms to complying with their obligations under the t Regulations will also remain unchanged after Brexit.

View Government responds to MLD5 queries from the House of Commons European Select Committee, 17 January 2018

Original Article Here

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