Illegal arms sales, smuggling, and organised crime such as drug trafficking, people trafficking and prostitution rings, can generate huge amounts of money, as can ‘white collar crimes’ including, insider trading, bribery and computer fraud schemes.
As a member of the European Union (EU), the UK’s anti-money laundering (AML) laws were dictated by the European Parliament’s Money Laundering Directives. But, on 31 December 2020 - four years after the Brexit vote - the UK finally left the EU. So, the question is, what happens to the UK’s regulatory environment now that it is no longer governed by the EU?
This whitepaper sets out to uncover the impact of Brexit upon the UK’s AML laws and what these changes mean for regulated businesses in the UK.
By taking an in depth look into the history of Money Laundering law and the influence of both the EU and global regulators this paper looks at the UK’s position current position and how UK firms can best meet their AML obligations post-Brexit.