UK Money Laundering Regulations 2017: Key changes and impact for Art Businesses

Summary

The UK Money Laundering Regulations 2017 (“Regulations 2017”) which implement the EU’s Fourth Money Laundering Directive (“4MLD”) came into force on 26 June 2017, repealing the Money Laundering Regulations 2007 (“Regulations 2007”). The 4MLD seeks to give effect to the international standards for combating money laundering and terrorist financing developed by the Financial Action Task Force (“FATF”), an inter-governmental body founded on the initiative of G7. Please click here for more information.

The UK is traditionally ahead of the EU curve on anti-money laundering (“AML”) legislation and the UK government is likely to keep leading the way on AML following the country’s departure from the European Union.

Additional Info

  • Number of Pages: 3
  • Topic: Art Law

About the Author

Yulia Tosheva

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