Moved by
Baroness Bowles of Berkhamsted
69D: After Clause 41, insert the following new Clause—
“Money laundering: technical amendment
(1) Until two years after exit day, as defined by section 14 of the European Union (Withdrawal) Act 2017, an appropriate Minister may by regulations made by statutory instrument amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) in order to—
(a) replace references to EU directives and regulations with corresponding references to UK legislation;
(b) transpose references to European Supervisory Authorities and any review, report, guideline or Regulatory Technical Standards requirements of the European Supervisory Authorities into corresponding requirements of UK supervisory bodies with any obligations to take account of international developments and to consult also being carried over;
(c) transpose requirements for European Commission reports into report requirements from the Treasury and Home Office, including any obligation to take account of international developments;
(d) transpose references to delegated acts into provisions for regulations made by the affirmative procedure;
(e) update references relating to EEA passport rights or replace them with any corresponding or negotiated right;
(f) amend definitions of credit institutions and financial institutions or any other definition lists to eliminate EU cross-references and establish corresponding entity lists;
(g) convert any amount in euros to sterling;
(h) modify or delete provisions relating to the EEA to retain reference as appropriate or combine with third country provisions;
(j) replace reference to the identifying of high risk third countries by the Commission with corresponding UK procedure that takes account of international provisions.
(2) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, each House of Parliament.”