AML Compliance in post-Brexit world
By Christina Poursanidou, Lawyer/Legal and Compliance Officer Ten days before the end of the United Kingdom (UK) transition period to leave the European Union (EU), there is still uncertainty on whether the two sides will agree on a trade deal agreement. During the transition period the UK continue to apply the EU Anti-Money Laundering (AML) Directives, but from 1st of January 2021 new challenges and concerns for the global effort against money laundering appear. With this article, we will set out the impact of Brexit to the fight against money laundering both for the UK and to EU countries. United Kingdom is historically considered as one of the countries with the strictest AML laws. If it exits the EU without a trade deal, the UK Government has to decide whether it will continue to apply the EU Directives or not. Even from January 2020, the 5th AML Directive (5AMLD) came into force in the UK, while the majority of the provisions of the 6th AML Directive (6AMLD) are already include