SI 2020/991 – The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020

Released 15 September 2020

SI 2020/991 amends SI 2017/692 to transpose amendments to EU directive 2015/849/EU and to ensure effective operation post IP completion day.

The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 amends the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692). The provisions are mainly:

to transpose amendments made to Article 31 of Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing by Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018;

made in exercise of the powers in the European Union (Withdrawal) Act 2018, s. 8(1) of in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the European Union.

The regulations come into force in part on 6 April 2021, 10 March 2022 or IP completion day (31 December 2020) and otherwise on 6 October 2020 (as 21 days after the day on which they were laid).

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