UK legislation and regulations

The requirements of the UK anti-money laundering regime are set out in

• The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020 No.991)
• The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (SI 2017 No. 692)
• The Criminal Finances Act 2017
• The Proceeds of Crime Act 2002 (as amended by the Crime and Courts Act 2013 and the Serious Crime Act 2015)
• The Money Laundering Regulations 2007 (SI 2007 No. 2157)
• The Terrorism Act 2000 (as amended by the Anti-Terrorism, Crime and Security Act 2001, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007).

Timeline

2021

The Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 consultation was published on 22 July 2021. It consults on a set of amendments that will allow time-sensitive updates to the regulations, which are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force.

2020

The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020 No.991)
The new regulations were laid before Parliament on 15 September 2020; Parts 1 to 3, Regulation 5, Regulation 7(2)(a) and Part 4 came into force on varying dates. 

2017

The Criminal Finance Act 2017
Received royal assent on the 27 April 2017 and came into force in January 2018.

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (SI 2017 No. 692)
The new regulations were laid before Parliament on 22 June 2017 and came into force on 26 June 2017.

The Money Laundering Regulations 2017 consultation was published on 15 March 2017. It comprises a consultation on draft regulations and the response to a 2016 consultation on transposing the Fourth Money Laundering Directive (4MLD) and Fund Transfer Regulation (FTR).

2015

The Serious Crime Act 2015 received Royal Assent on 3 March 2015. It modified the Proceeds of Crime Act 2002 in a number of ways, including protection from civil liability for firms making authorised money laundering disclosures.

2013

The Crime and Courts Act 2013 received Royal Assent on 25 April 2013. It established the National Crime Agency (NCA) which replaced the Serious Organised Crime Agency (SOCA) and took over its responsibilities for investigating money laundering and terrorist financing.

2007

The Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007 (SI 2007 No. 3398) (12 pages, PDF) were laid before Parliament on 5th December 2007 and came into effect on 26th December 2007. An explanatory memorandum has been published which explains how these regulations regulations update the Terrorism Act 2000 and the Proceeds of Crime Act 2002, completing the implementation of the third money laundering directive.

The Money Laundering Regulations 2007 (SI 2007 No. 2157) (48 pages, PDF) were published on 25 July 2007 and took effect from 15 December 2007. The Money Laundering Regulations 2007 replaced the Money Laundering Regulations 2003. The explanatory memorandum to the regulations has also been made available online.

The Terrorism Act 2000 (Business in the Regulated Sector and Supervisory Authorities) Order 2007 (SI 2007 No. 3288) and the Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2007 (SI 2007 No. 3287) also came into effect on 15th December 2007. Further information about the legislative background to each statutory instrument is given in the Explanatory Memorandum - SI 2007 No. 3287 and in the Explanatory Memorandum - SI 2007 No. 3288.

2006

The Terrorism Act 2006 received royal assent on 30 March 2006.

2004

The Serious Organised Crime and Police Act 2005 established Serious Organised Crime Agency (SOCA).

2003

The Money Laundering Regulations 2003 (SI 2003/3075) were published on 2nd January 2004. The Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2003 (SI 2003/3074) and the Terrorism Act 2000 (Business in the Regulated Sector and Supervisory Authorities) Order 2003 (SI 2003/3076) were published at the same time. The Treasury website stated that the publication of the regulations 'complete the implementation in the UK of the 2nd EC Money Laundering Directive, agreed in December 2001'. The regulations came into full effect on 1st March 2004 (as announced in the Treasury's press release).

2002

The Proceeds of Crime Act 2002 received royal assent on 24 July 2002.

2001

The Anti-terrorism, Crime and Security Act 2001 received royal assent on 14 December 2001.

The Money Laundering Regulations 2001 (SI 2001/3641) were laid before parliament on 9 November 2001.

2000

The Terrorism Act 2000 received royal assent on 20 July 2000. This act was later amended by the Anti-terrorism, Crime and Security Act 2001 and the Terrorism Act 2006.

1993

The Money Laundering Regulations 1993 (SI 1993/1933) were laid before parliament on 29 July 1993 and came into effect on 1 April 1994.

Useful links

Money Laundering Regulations 2017
Overview of the new regulations from ICAEW.

Money Laundering Regulations (HMRC)
Information on the Money Laundering Regulations which explains which businesses need to register with HMRC.

Money laundering and terrorist financing (FCA)
Information on money laundering from the Financial Conduct Authority (FCA).

Serious Crime Act 2015: Fact Sheet (Home Office)
Overview of the Act and its provisions, including the modification of the Proceeds of Crime Act.