Are The EU's 2017 Money Laundering Rules Effective?

By Jessica Sobey (April 10, 2019, 4:07 PM EDT) -- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 implemented the European Union's fourth directive on money laundering. In doing so, they did not represent a wholesale upheaval of the existing legislation but instead were aimed at improving the 2007 regulations.

Under the MLR 2017, relevant persons are obliged to adopt a more risk-based approach toward anti-money laundering, and in particular, how they conduct due diligence. Central to the regulations is an increased emphasis on risk assessment and a furtherance of the application of a risk-based approach.

The MLR 2017 creates several criminal offenses, the...

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