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Money Laundering: A Concise Guide for All Business by Doug Hopton

By Doug Hopton

Worldwide, anti-money laundering rules and laws became one of many guns of collection of governments which are scuffling with worldwide terrorism and criminal activity. in the united kingdom, the most recent law, the cash Laundering laws 2003, have prolonged the variety of companies coated by means of the Proceeds of Crime Act to incorporate solicitors, legal professionals, property brokers and, in influence, all businesses serious about consultancy or enterprise providers. The complexity of the recent legislation and the shortcoming of any case legislations asks extra questions on the tasks of those businesses and their liabilities. Doug Hopton's hugely functional advisor explains the foundation of foreign legislations, laws and criteria during this region and the way they influence companies, and offers down-to-earth suggestion at the simple principles of excellent enterprise administration: understand your customer, comprehend your small business (and your client's business), so one can support businesses comprehend what strategies to set up, and the way and while to record suspicious task. the writer explains the root of cash laundering and the way it really works, in addition to the improvement of the legislations and rules world wide, and the way different countries' legislation may have an impression on businesses within the united kingdom.

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The US Patriot Act defines a ‘correspondent’ account as an account established to receive deposits from or make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institutions. Such an account would include an ‘Interbank’ account. The US authorities can now use such accounts as a gateway through which they can aĴempt to enforce US anti-money laundering laws extra-territorially. One of the most contentious provisions is the power given to US Courts to seize funds held in a correspondent bank account held by a US financial institution for a foreign financial institution if those funds are the proceeds of unlawful activity.

The practical implementation and difficulties of the Proceeds of Crime Act, even a er its amendment, are fully discussed in Chapter 7. The final piece of legislation in this series was made by way of a statutory instrument and is the Money Laundering Regulations 2003. These Regulations came into effect on 1 March 2004 to implement the Second EU Money Laundering Directive. They also replaced, consolidated and updated the Regulations of 1993 and 2001. These Regulations, like the Proceeds of Crime Act, have a number of practical difficulties and these are fully covered in Chapter 7.

In practice, they clearly could not know what the predicated offence was or indeed if there was one. This fact was recognised in the legislation and resulted at a very early stage in financial institutions reporting suspicions of funds, transactions or activities which arose from areas other than drug trafficking. In 1988 they were given, through the Criminal Justice Act, the same protection from civil suit for non-drug disclosures as for drug-related ones. Over the following years the legislation in the UK, together with the Money Laundering Regulations 1993 used to implement the First EU Directive, extended the requirements to cover more and more offences.

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