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Preparing for 4MLD

Trudy Dargeviciute discusses the UK’s transposition of the new directive, and how this will affect firms’ anti-money laundering systems and controls

15 November 2016

The Fourth Money Laundering Directive (4MLD) is designed to provide a robust framework to tackle money laundering and terrorist financing.

The UK has until 26 June 2017 to transpose 4MLD into national law, but this already sanguine timescale has been thrown into disarray by the European Commission’s proposal to expedite the deadline to 1 January 2017. This acceleration has disgruntled national authorities which – in conducting consultation on how best to balance strong AML safeguards with minimising any bureaucratic burdens on businesses – are already behind schedule. As a result, HM Treasury has indicated that, even if agreed upon, this new deadline is unlikely to be met.

The directive has been generally ill received, no doubt because the proposed changes will have a cascading effect on firms’ AML systems and controls. Firms are most likely to feel t...

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