Taking stock of the Money Laundering Regulations 2017

Though the Financial Conduct Authority says there are investigations underway, a lack of prosecutions in the first two years of the MLR 2017 raises concerns about the regulations’ efficacy in fighting the massive scourge of money laundering. Jessica Sobey considers its performance so far.

Jessica Sobey is a barrister at Stokoe Partnership Solicitors (www.stokoepartnership.com), a law firm specialising in defending serious and corporate crime. Contact her on jsobey@stokoepartnership.com.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) implemented the European Union’s Fourth Directive on Money Laundering. While the changes did not represent a complete upheaval of the existing legislation, they reflected the Government’s promise to tackle a problem that undoubtedly facilitates almost all serious organised crime in the United Kingdom.