The Proceeds of Crime Act 2002 requires you to submit a Suspicious Activity Report to the National Crime Agency if you know or suspect that a person is engaged in, or attempting, money laundering. The Money Laundering Regulations 2007 apply to banks, building societies, credit unions. They also apply to other firms undertaking certain financial […]

The misuse of companies is an issue in almost every case investigated by the SFO as highlighted in the HM Treasury national risk assessment of ML In section 7 of the HM Treasury national risk assessment of ML the SFO has identified a number of instances in which ‘off the shelf’ companies have been used […]

HM Treasury and the Home Office have published the first comprehensive assessment of money laundering and terrorist financing risk in the UK. The Government’s aim is to maintain the UK’s position as a global financial centre and ensure the country has robust anti-money laundering (AML) and counter terrorist finance (CTF) regimes. The government will formulate […]

Following the publication by the Financial Action Task Force’s statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes HM Treasury has now published an advisory notice for firms to: consider certain jurisdictions (listed in the advisory notice) as de facto high risk for the purposes of the Money Laundering Regulations […]

Criminals seek out the involvement of legal professionals in their ML/TF activities, sometimes because a legal professional is required to complete certain transactions, and sometimes to access specialised legal and notarial skills and services which could assist the laundering of the proceeds of crime and the funding of terrorism. The report identifies a number of […]