How will Brexit impact UK operating businesses?
Brexit is set to happen in January 2020, the same month, which is the deadline for EU member states to implement AMLD5 in their policies. How will Brexit impact the businesses in the UK and EU, with respect to anti-money laundering laws?
While it’s not clear what impact Brexit could have on businesses both in the EU and UK. Here are two scenarios:
1. No-deal Brexit might aid the Italian mafia in pooling in their illegal money to the UK. Shell companies will be the safe haven of criminals to legitimize their cash proceeds from drug dealing, human trafficking, etc.
2. In case of a deal, Brexit is the community that will face a plethora of changing regulations while continuing trade in the EU region. The businesses will have to change their AML/KYC compliance practices.