Author: Nicola Sharp 4 February 2021
Law360 asked Rahman Ravelli Partner Nicola Sharp for her views on the UK’s approach to tackling money laundering in the wake of Brexit.
Nicola explained that while there will be some differences to the pre-Brexit state of affairs, there will be no transformation in the UK’s response to the problem posed by money laundering.
She emphasised that the UK transposed the 5th Anti-Money Laundering Directive (5AMLD) into UK law and shows no signs of deviating from it. Nicola also pointed out that while the UK opted out of transposing the 6th Anti-Money Laundering Directive (6AMLD) by the December 2020 deadline, UK law already covers many of the requirements contained in it, so this should not be seen as a significant departure from the status quo.
She also highlighted the fact that the UK remains a member of the global money laundering watchdog, the Financial Action Taskforce (FATF), and is unlikely to deviate from its guidelines.
Her article concluded that the UK has little desire to move away from the stance taken by its former European partners when it comes to money laundering.
Nicola's article featured in Law360.
Nicola is known for her fraud, civil recovery, arbitration and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.