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13 June 2024
The impact of Brexit on the UK’s AML/CTF Regime
The impact of Brexit on the UK’s anti-money laundering (AML)/counter-terrorist financing (CTF) regime has been determined by measures under the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020) to implement and update the UK’s AML/CTF regime post-Brexit. This article summarises the impact of Brexit on the UK’s AML/CTF regime and considers the scope for divergence from the EU regime.
The AML/CTF legislative framework
The principal EU legislative measures on AML and CTF are the Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4) as amended by the Fifth Money Laundering Directive (EU) 2018/843 (MLD5) and the Second Wire Transfer Regulation (EU) 2015/847 (WTR2). These measures ensured alignment with the recommendations of the Financial Action Task Force (FATF) the global AML and CTF regulation-setting body. MLD4 was transposed into UK law by way of the...
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