FIN.

Treasury makes MLR changes for MLD5

Treasury has made the Regulations amending the 2017 Money Laundering Regulations to implement MLD5.  The changes also amend key primary legislation, not least to broaden the scope of the “regulated sector” to include various crypto-providers, letting agents and art intermediaries and the extended definition of tax adviser.  The changes also reflect required changes to CDD requirements and the roles of supervisors.  Look out for our detailed analysis.

The Regulations take effect in the main on 10 January 2020, but there are certain transitional provisions.

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Emma Radmore