UK Anti-Money Laundering Legislation in a Post-Bexit Landscape | Cadwalader, Wickersham & Taft LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Tuesday, March 16, 2021
Following months of uncertainty, on Christmas Eve a Brexit agreement was finally reached between the United Kingdom (“
UK”) and the European Union (“
EU”). The European Union (Future Relationship) Act 2020 (the “
Act”) received Royal Assent on 30 December 2020. While the agreement signalled an early Christmas present for many, for others it failed to offer the certainty that they long hoped such an arrangement would provide. One of the areas on which the Act fails to offer much guidance is money laundering and terrorist financing.
The EU has introduced six anti-money laundering (“
AML”) directives. As a member of the EU, the UK implemented the first five of those directives by way of a number of regulations (the “
The EU-UK Trade and Cooperation Agreement (widely referred to as the "TCA"), implemented in the UK via the European Union (Future Relationship) Act 2020, entered into force on 1 January 2021.
A need for pragmatism post-Brexit lawgazette.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lawgazette.co.uk Daily Mail and Mail on Sunday newspapers.
one in one out applied to the introduction of new regulatory measures. In its
report to the OECD, the government claimed that 3,095 regulations were scrapped or improved and thereof 1,376 changes [had] a material benefit – apparently amounting to more than £1.2 billion. The Deregulation Act 2015 enacted many of the reforms identified by this exercise.
The New Labour years saw the rise of Regulatory Impact Assessments for new legislation and policies (later increasingly known as Impact Assessments), and the ascendancy of the Better Regulation Executive and
Regulatory Policy Committee. This tendency might have been thought to have reached its apogee when the one-time Department of Trade and Industry (now the Department of Business, Energy and Industrial Strategy) became the Department for Business, Enterprise and Regulatory Reform. However, it was under the Coalition Government that the Small Business, Enterprise and Employment Act 2015 introduced a statutory obligation on g