PIF has today submitted its response to HM Treasury’s consultation on the transposition of the Fifth Money Laundering Directive (5MLD).
Due to be transposed into national law by 10 January 2020, 5MLD entered into force on 10 July 2018. 5MLD contains amendments to the Fourth Money Laundering Directive (4MLD) following the release in 2016 of the European Commission’s Action Plan for strengthening the fight against terrorist financing
In its response, PIF pledges its support of the regulatory goal to combat the use of e-money products for unlawful purposes, as well as the evidence-driven, risk-based approach to the prevention of financial crime in 5MLD. As the representative body for organisations regulated under e-money and payment services legislation, PIF has called on the government to take into consideration the range of e-money products available, the benefits they offer and the different customers they are designed for. PIF advocates that the requirements under 5MLD are proportionate to the risks related to e-money products and do not establish overly burdensome obligations on providers of e-money products. To read PIF’s response in full click here