Money Laundering: A Concise Guide for All Business
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.
heritable or moveable), things in action, and other intangible property. It also includes an interest in land or a right in relation to property other than land. These two important deﬁnitions must be read not only together but also with Sections 340(4) and 340(5). These state: (4) It is immaterial a) who carried out the conduct b) who beneﬁted from it c) whether the conduct occurred before or a er the passing of the Act (5) A person beneﬁts from conduct if he obtains property as a result
most ﬁrms set up various types of monitoring systems to check their transactions against what is known about their customer and at the same time against the proﬁle of previous transactions or deals. This is an area which tends to generate the majority of reports currently submiĴed to the National Criminal Intelligence Service (NCIS). This monitoring can be undertaken in any number of ways, and how it is done depends on the structure of a ﬁrm as well as its size. Most larger ﬁrms, and indeed many
appropriate systems and controls for compliance with its regulatory obligations and to counter the risk that it might be used to further ﬁnancial crime. This section ampliﬁes particular aspects of the rule in SYSC. It does not, however, limit the application of the rule, the eﬀect of which is that, where ﬁnancial crime is concerned, ﬁrms must also comply with other Handbook requirements (in particular, ML) and their legal obligations under the Money Laundering Regulations and the Proceeds of
the commission of these oﬀences, or property of corresponding value, without prejudicing the rights of bona ﬁde third parties. Such measures should include the authority to: (a) identify, trace and evaluate property which is subject to conﬁscation; (b) carry out provisional measures, such as freezing and seizing, to prevent any dealing, transfer or disposal of such property; (c) take steps that will prevent or void actions that prejudice the State’s ability to recover property that is subject to
Recommendations 5 and 10. It is le to each country to determine in which countries the third party that meets the conditions can be based, having regard to information available on countries that do not or do not adequately apply the FATF Recommendations. 10.* Financial institutions should maintain, for at least ﬁve years, all necessary records on transactions, both domestic or international, to enable them to comply swi ly with information requests from the competent authorities. Such records