Money Laundering Regulations 2017
HeMoney Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017(MLR 2017) set out the main anti-money laundering (AML) requirements for companies.
This legislation has been modified by:
- Money Laundering and Terrorist Financing (Amendment) Regulations 2019which came into effect on January 10, 2020 and implemented extensive changes to the MLR
- Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 which made limited changes primarily to requirements related to trust registration.
Explore our quick guide to the 2017 MLR
The other important legislation to take into account is theProceeds of Crime Act 2002 (POCA) and theTerrorism Act 2000 (TACT), which establishes the main requirements for reporting suspicious activities to the National Crime Agency and related crimes.
Economic Crimes Act 2022
He Economic Crimes (Transparency and Enforcement) Act 2022 inserted:
- the registration of foreign entities owning real estate in the United Kingdom
- Unexplained Wealth Orders Strengthened
- a strict civil liability test for monetary penalties for the application of sanctions
Find out more about the Economic Crimes Act 2022
Economic Crimes Act 2023
He Economic Crimes and Corporate Transparency Act of 2023 inserted:
- a regulatory objective for Legal Services Act 2007on the fight against economic crime
- reforms to Companies House to prevent the creation and closure of fraudulent companies
- Reforms to prevent the abuse of limited partnerships.
- additional powers to seize and recover suspected criminal crypto assets
- a crime of "failure to prevent fraud"
- Measures to address strategic lawsuits against public participation (SLAPP)
Learn more about the Economic Crimes and Corporate Transparency Act of 2023
Find out more about changes to UK company law
UK sanctions regime
He Anti-Money Laundering and Sanctions Act 2018provides the main legal basis for the UK to impose, update and lift sanctions.
Find out more about the UK sanctions regime
Criminal Justice Bill
He Criminal Justice Billincludes measures against economic crimes on:
- reform the confiscation regime to address concerns about complexity and enforcement
- allowing a corporate entity or partnership to be held criminally liable when a โsenior manager commits offenses related to non-economic crimes while acting within the actual or apparent authority granted by the organizationโ
- a voluntary suspended funds scheme to allow the financial sector to transfer to the government money it keeps suspended due to suspected criminality
- prohibition on the possession and supply of โSIM farmsโ
- Law enforcement powers to block access to domain names and IP addresses used to carry out criminal activities
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/EYTDNXG3S7MHFSPO75FRYLQWSA.jpg?w=75&resize=75,75&ssl=1 "Stock market today: Wall Street drifts ahead of the final Federal Reserve meeting of the year")
