Combating Money Laundering – New UK Rules
1 Mohammed Khair Alshaleel
Law - Law - University of Essex
Abstract
Money laundering is an intentional, complex and sophisticated process by which the proceeds of crime are disguised, organised or made to appear as if they were earned by legitimate means. Anti-Money laundering law has become a significant global issue, with financial institutions and organisations under a big pressure to adhere and comply with strict control measures. In the UK, anti-money laundering regime has evolved substantially since 1993 when the first European-wide attempts to tackle money laundering were introduced. On 10 January 2020 the Money Laundering and Terrorist Financing Regulations 2019 came into force. This statutory instrument updates the UK’s existing anti-money laundering legislation to take into account the Fifth European Anti‑Money Laundering Directive. This article considers Anti-Money laundering law in the UK, focusing on the 2019 new regulations. Given the evolving nature of threats relating to money laundering and the latest technological developments, this article argues that the new rules boost transparency and bolster the existing preventative measures. Divided into five parts, the article outlines the evolution of Anti-‐money laundering in the UK, before assessing the effectiveness of the new regulation in tackling money laundering. The article concludes with recommendations on implementation of the new rules.
Keywords
Money Laundering, the UK, New Regulation
