UK Targets Private Landlords For AML, Terrorist Financing
Law360, London (April 16, 2019, 11:40 AM BST) -- Private landlords could soon fall within European laws designed to prevent money laundering and terrorist financing, the U.K. Treasury has indicated as it seeks to expand the legislation and flush dirty money out of the property sector.
The exchequer outlined proposals on Monday that would expand the European Union’s Fifth Anti-Money Laundering Directive and impose new duties on landlords to carry out extensive due diligence on their tenants. Member states must write the EU directive, which went live in July, into domestic law by January 2020.
“It has previously been noted that the private landlord sector would not be covered by...
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