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Anti-money laundering regime

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLR 2017) form part of the UK's overall anti-money laundering and counter-terrorist financing regime. They came into force on 26 June 2017 to give effect to Archived Directive (EU) 2015/849 (commonly known as the Fourth Money Laundering Directive or MLD4), in line with Article 67 of that Directive. The MLR 2017 replace the Money Laundering Regulations 2007, SI 2007/2157 (the old Money Laundering Regulations 2007).

While the UK laws implementing directives (like MLR 2017) form part of UK domestic law, the directives themselves (like MLD 4) do not.

MLR 2017 set administrative requirements which run parallel to the criminal element of the anti-money laundering and counter-terrorist financing regime contained in the Proceeds of Crime Act 2002 and the Terrorism Act 2000. There is some overlap with this legislation.

MLR 2017 were adopted following two consultations by HM Treasury:

1. •

   a first consultation on the transposition of MLD4 launched in September 2016, and

2. •

   a further consultation launched in March 2017,