Business who are reporting entities will welcome several practical changes to the AML/CTF landscape.
Back in 2013, the Government began a statutory review of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (the Act). The results of the review were published in 2016, where it was generally found that the Act and corresponding Anti-Money Laundering and Counter-Terrorism Financing Rules (the Rules) were far too complex and did not encourage compliance. Since then, the Act and Rules have undergone frequent amendments and enhancements with the overarching aim of simplification.
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2017 (No4), t he Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2018 (No1) and the Anti-Money Laundering and Counter Terrorism Financing Rules Amendment Instrument 2018 (No2) have now been registered. The Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No1) has been updated to incorporate these new Rule Instruments.
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