The UK authorities are reaching to the public in order to define a common path of implementation of the new rules applicable as per the 5th EU AML Directive.
Participants were given up to January 2020 to produce relevant input while the implementation date is set to be 20th June 2020.
Some of the aspects under discussion are:
- expansion of the definition of obliged entities,
- expanding scope to any person providing any kind of assistance or aid to any person involved in transactions as from €10000 or related to tax planning, or real state operations,
- further control of art dealers,
- further controls over crypto currencies
- making public the information held by the different ultimate beneficial owner’s register and wallet providers and other items.
Her Majesty’s Treasury has implemented a number of events and sectorial workshops in order to cooperate with the private sector in the implementation of the rules described as they are into force since 2018 (regardless the date for implementation).