UK: Government Consults on Approach to Transposition of 5th AMLD

On April 15, 2019, HM Treasury released a consultation paper on the transposition of the 5th Anti-Money Laundering Directive (5th AMLD), by means of which it seeks feedback from all stakeholders in relation to its approach and planned actions towards the establishment of an efficient and comprehensive regulatory anti-money laundering and counter-terrorist financing (AML/CTF) framework that will not disproportionately burden businesses as obliged entities.

It is noted that the term “obliged entities” refers to “individuals or businesses that are supervised by a UK supervisory authority for compliance with obligations established by 4MLD or 5MLD”.

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