UK government issues information-sharing guidance

In response to anxiety among UK businesses regulated for anti-money laundering that sharing information on customers to prevent economic crime could breach data protection rules, the UK government legislated - in the Economic Crime and Corporate Transparency Act 2023, effective 15 January 2024 - to disapply civil liability in such circumstances, and has now followed up with practical guidance.

In response to anxiety among UK businesses regulated for anti-money laundering that sharing information on customers to prevent economic crime could breach data protection rules, the UK government legislated - in the Economic Crime and Corporate Transparency Act 2023, effective 15 January 2024 - to disapply civil liability in such circumstances, and has now followed up with practical guidance. [1]