New U.K. Regulations Impose AML Duties on Real Estate Firms, Formation Agents

By Brian Monroe

The United Kingdom issued new anti-money laundering regulations Wednesday, extending rules to industries including real estate, company formation agents and consumer credit businesses and gave detailed definitions of beneficial owners of a variety of entities. The Money Laundering Regulations 2007 replace rules issued by the U.K. Treasury in 2003 and bring the country in line with the European Union's Third Money Laundering Directive, a comprehensive measure that member nations must implement by December 15. The U.K. regulations take effect December 15. The measures also address several weaknesses in U.K. AML regulations that were noted in a July 5 evaluation by...