{
  "url": "https://openlegislation.uk/money-laundering-and-terrorist-financing-miscellaneous-amendments-regulations-2018/note",
  "json_url": "https://openlegislation.uk/money-laundering-and-terrorist-financing-miscellaneous-amendments-regulations-2018/note.json",
  "legislation": "uksi/2018/1337",
  "legislation_title": "The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/money-laundering-and-terrorist-financing-miscellaneous-amendments-regulations-2018",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”); the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 (S.I. 2017/1301) (“the Oversight Regulations”); and the Solicitors (Scotland) Act 1980 (c. 46).\nRegulation 3 adds restrictions on anonymous safe-deposit boxes to existing restrictions in regulation 29 of the MLRs on anonymous accounts and passbooks. It implements an amendment to Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (OJ L 141, 05.06.2015, p.72). That amendment was made by Directive 2018/843/EU of the European Parliament and of the Council of 30th May 2018 (OJ L 156, 19.06.2018, p.43).\nRegulation 4 specifies, in the MLRs, the decisions of the Financial Conduct Authority (“FCA”) and of Her Majesty’s Revenue and Customs which are subject to appeal under the MLRs.\nRegulation 5 amends the Oversight Regulations which give the FCA powers to oversee certain anti-money laundering supervisors. Regulation 12 of the Oversight Regulations originally prevented the FCA from disclosing information to anyone other than relevant authorities (such as other supervisors) and law enforcement authorities. The amendment now allows the FCA to disclose information to other persons, provided that the disclosure is for purposes connected with enforcement proceedings or with the FCA’s functions under the Oversight Regulations.\nRegulation 6 amends the Solicitors (Scotland) Act 1980 to extend, to breaches of anti-money laundering rules made under that Act, certain disciplinary powers which the Law Society of Scotland have in relation to accounts rules. This amendment extends only to Scotland.\nRegulation 7 requires the Treasury to carry out a review of these Regulations by 26th June 2022.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1337/note",
    "retrieved_at": "2026-10-28T22:50:38.279196+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}