Money Laundering: A Concise Guide for All Business

Money Laundering: A Concise Guide for All Business

Doug Hopton

Language: English

Pages: 232

ISBN: 0566091577

Format: PDF / Kindle (mobi) / ePub

Worldwide, anti-money laundering regulations and legislation have become one of the weapons of choice of governments that are fighting global terrorism and criminality. In this updated edition of Money Laundering, Doug Hopton explains how The Money Laundering Regulations 2007 have extended even further the range of UK businesses covered by the Proceeds of Crime Act to include solicitors, lawyers, accountants, estate agents, high value dealers, trust or company service providers and, in effect, many other companies involved in consultancy or business services. The complexity of the new laws and the limited amount of any case law asks more questions about the responsibilities of these companies and their liabilities. Doug Hopton's highly practical guide explains the basis of international law, regulations and standards in this area and how they affect businesses; and provides down-to-earth advice on the basic rules of good business management: customer due diligence, know your business (and your client's business), which will help companies understand what procedures to establish, and how and when to report suspicious activity. The author explains the basis of money laundering and how it works, along with the development of the law and regulations around the world, and how other countries' laws can affect UK companies.

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intend to conceal any facts disclosed by the documents; • the disclosure is made in the exercise of a function under this Act or any other enactment relating to criminal conduct or benefit from criminal conduct or in compliance with a requirement imposed under or by virtue of this Act; or • he is a professional legal adviser and the disclosure is given by the adviser in connection with the giving of legal advice to the client or to any person in connection with legal proceedings or

Regulations 2003 – Regulation 2. See Appendix 1. 90 MONEY LAUNDERING So now we have defined who is a customer for the purposes of carrying out ID&V when the relationship is established. However, as shown earlier, KYC goes much further than simply knowing your customer when you first establish the relationship; true KYC covers the relationship from ‘cradle to grave’. In other words, it is knowing your customer throughout the relationship and keeping your knowledge up-to-date over the whole life

when this is necessary. T H E M L R O ’ S A N N U A L R E P O RT 113 The use of this important report, if it is properly and fully produced, can help a number of different people. From senior management’s point of view, this report provides them with a detailed summary of the institution’s compliance with anti-money laundering regulations. It should highlight not only those areas where the firm is complying, but all areas where there are shortcomings or a need for improvement. The report

and most recent address and any previous addresses of any person who is a signatory to the account or any of the accounts. (4) The Secretary of State may by order provide for information of a description specified in the order: (a) to be customer information, or APPENDIX 3 (b) no longer to be customer information. (5) Money laundering is an act which: (a) constitutes an offence under Section 327, 328 or 329 of this Act or Section 18 of the Terrorism Act 2000 (c.11), or (aa) constitutes an

professionals, and accountants acting as independent legal professionals, are not required to report their suspicions if the relevant information was obtained in circumstances where they are subject to professional secrecy or legal professional privilege. Other measures to deter money laundering and terrorist financing 17. Countries should ensure that effective, proportionate and dissuasive sanctions, whether criminal, civil or administrative, are available to deal with APPENDIX 5 147 natural

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