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The consultation closed on 10 November 2016, with the government receiving 186 responses from a cross-section of stakeholders including supervisors, industry, non-governmental organisations and government departments. The directive aims to give effect to the updated Financial Action Task Force (.
It introduces a number of new requirements on relevant businesses and changes to some of the obligations found under the Third Money Laundering Directive (‘3MLD’) and the Money Laundering Regulations (‘ updates the rules regarding information on payers and payees accompanying transfers of funds, in any currency, for the purposes of preventing, detecting and investigating money laundering and terrorist financing (), where at least one of the payment service providers involved in the transfer of funds is established in the EU.
If you do not wish your views to be published alongside the government response to this consultation, please clearly specify this in your email.
Hard copy responses may be submitted to: Information provided in response to this consultation, including personal information, might be published or disclosed in accordance with the access to information regimes.
More detailed examples for different sectors can then be set out in sector-specific guidance.
The government requested views on what changes in circumstances should warrant obliged entities applying in euros (directly from the directive) as opposed to pounds sterling.
The obliged entities that fall within scope of the directive will need to apply different levels of due diligence measures to manage the risk of money laundering and terrorist financing.
Please include the words 4MLD CONSULTATION VIEWS or 4MLD CONSULTATION ENQUIRY (as appropriate) in your email subject line.
We will continue this approach in the updated Money Laundering Regulations.
This means that any reference to an amount in euros should be considered as also a reference to an equivalent amount in any other currency and that the equivalent in sterling (or any other currency) on a particular day of a sum expressed in euros is determined by converting the sum in euros into its equivalent in sterling or that other currency using the London closing exchange rate for the euro and the relevant currency for the previous working day.
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