UK: Confirmation That UK Will Adopt EU 5AMLD
The UK government has recently confirmed again that it will adopt the EU Fifth Anti-Money Laundering Directive (5AMLD), which was enacted earlier this year.
Following this, a Parliamentary Under-Secretary of State at the Department for Business, Energy and Industrial Strategy (BEIS), Lord Henley, stated in a private letter to MP Margaret Hodge that the deadline of January 2020 for transfer of the 5AMLD directive falls within the implementation period of Britain leaving the EU.
Moreover, the HM Treasury is planning consultations in winter of 2018/19 and spring of 2019 according to sources.
In addition, when enacting the 5AMLD, the UK government could put in place another important legislative measure such as the introduction of a corporate offence of failure to prevent money laundering. Furthermore, this would be similar to the offences of failing to prevent facilitation of tax evasion and failing to prevent bribery which have been recently introduced in previous years.