June 26 2017
New regulations take effect today which the Treasury says will crack down on funding for terrorism and organised crime. Here’s what you need to know about the changes. Today is the final deadline for member states (which the UK still is until 2019) to implement the fourth EU anti money laundering directive into local law. It is hoped that the greater focus on risk assessment will make it more difficult for terrorists to move money through the UK financial system. Stephen Barclay, economic secretary to the treasury, said: “Terrorist financing and money laundering are significant threat to our national security, and we are determined to make the UK a hostile environment for illicit finance.”