On 15 September 2016 last year, the HM Treasury released a consultation on how the Fourth Anti Money Laundering Directive and the Fund Transfer Regulation would be implemented in the UK (the “Consultation”).
As a result of the Consultation, the UK Government has made a number of key decisions, those of note being primarily in relation to the different types of due diligence that applies in different scenarios, the exemption for certain gambling providers to be captured by MLR 2017, and the launch of HMRC’s register to hold information related to the beneficial ownership of trusts.
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