HM Treasury has published a memorandum on the European Commission's proposed Directive to amend the Fourth Money Laundering Directive, which was published on 5 July 2016. Points of interest include: (i) the government intends to implement MLD4 in domestic legislation by way of new domestic regulations that will replace the Money Laundering Regulations 2007 and any amendments to MLD4 will therefore also need to be implemented in domestic legislation; (ii) the government considers it appropriate for action to be taken at the EU level as money laundering and terrorist financing are cross-border issues; (iii) the Commission has called for the proposed Directive, and MLD4, to be transposed by 1 January 2017, but this timetable may be liable to change as a large number of Member States have expressed concerns about the timing.