An Anti-Money Laundering Timeline and the Relentless Regulatory Response

Abstract

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘MLR 2017’) came into force on 26 June 2017, further increasing anti-money laundering (AML) compliance obligations imposed upon financial institutions and others in the UK. Against this backdrop, this article will identify a growing trend of AML policy-making affecting the private sector; explore the correlation of legislative and regulatory measures taken in the UK with those in Europe and globally; and ask whether the measures represent a proportionate and effective response to the perceived threat of money laundering and terrorist financing to national security.