I wouldn’t ordinarily wish to be responsible for lawyers giving up their weekends. However, I hope I’ll be forgiven if this notice helps you out of a hole.
The final version of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 were published today and the deadline for implementation is this coming Monday (26 June 2017).
Whilst the regulations were published in draft form back in March, the final version, with some revisions, was not published until today, 23 June 2016, leaving very little time before they come into force on 26 June 2017.
My colleagues in the Practical Law Business Crime and Investigations team have just published a legal update which sets out details of the wide range of relevant persons who are caught by this directive and introduces the key sections of the regulations. Practice notes on the investigation, civil and criminal enforcement powers are due to be published on Monday.
Whilst many of the duties under the regulations will be familiar from the previous Money Laundering Regulations 2007, counsel need to review the new regulations now and prepare their businesses accordingly.