Consultation on transposition of the 4th Money Laundering Directive

unknownOn 15 September 2016, HM Treasury published a consultation (that can be downloaded below) that invites views and evidence on the steps that the government proposes to take, or should take, to meet the UK’s obligation to transpose into national law the Fourth Money Laundering Directive and the Fund Transfer Regulation, which updates rules on information accompanying transfers of funds and will come into force from June 2017. It also seeks views and evidence on the potential costs and benefits of the changes considered.

The consultation includes questions in relation to gambling providers, including (at question 27) the following: “Which gambling providers or activities do you think should be classified as having ‘proven’ low risk and therefore should be exempt from the Regulations? Please provide credible, cogent and open-source evidence to support your response”.

HM Treasury states that the government is keen to ensure that the UK’s AML/CFT regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.

Responses to the consultation (which closes at 11.45pm on 10 November 2016) may be sent by email to [email protected] or by letter to Sanctions and Illicit Finance Team, 1 Blue, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ.

Download article PDF: consultation-transposition-4amld