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Transposition of the Fourth Money Laundering Directive

Last updated: 27 Sep 2016

Consulting body:
HM Treasury
Period of consultation:
Runs from 15 September 2016 to 10 November 2016
CML action:
Response submitted

HM Treasury has issued a consultation on the transposition of the Fourth Money Laundering Directive and the Fund Transfer Regulations (FTR) into national legislation.

The directive, which must be transposed into UK law by June 2017, seeks to update international anti-money laundering and counter-financing of terrorism (AML/CFT) standards set by the Financial Action Task Force (FATF).

The consultation invites views and evidence on the steps that the government proposes to take to transpose the directive and FTR into national law.

It also seeks views and evidence on the potential costs and benefits of the changes considered.

CML response

We have responded to the consultation focusing on the elements of the paper that relate to residential mortgage lenders including client due diligence, PEPs and document retention.

We share the government's commitment to implementing an effective Anti-Money Laundering and Combating the Financing of Terrorism regime to make the UK financial system a hostile environment for illicit finances, especially in the property market.

See the full response below.