UK Government One of Few to Implement EU 5th AML Directive on Time

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Despite all of the Brexit commotion in the UK, the government have enacted regulations effectively bringing into force the EU 5th Anti-Money Laundering Directive (5AMLD) on time, unlike many other Member states.

Many of the provisions outlined in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 come into force today on January 10th, although those relating to the registration of any express trusts will be deferred until a more comprehensive technical consultation on implementation has been finalised.