Lawyers, couriers and accountants could be jailed if they turn a blind eye to criminal activity they profit from, under Home Office plans. It wants to see a new offence of “participation in an organised crime group” to target those with reason to suspect they are part of an illegal enterprise. This offence is not […]
On 14 February 2014 the Financial Action Task Force (FATF) published two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing regimes.
The Money Laundering Regulations 2007 require regulated entities to put in place policies and procedures in order to prevent activities related to money laundering and terrorist financing.
Money Laundering Scam Alert Some commercial electronic verification companies may contact you stating that all client due diligence verification must now be done electronically making paper copies no longer acceptable. This is just a marketing ploy and is not correct in any shape or form. The law and guidance on conducting client due diligence remain […]
Recent developments in the Middle East have highlighted the need for businesses to be vigilant and have robust systems and controls for dealing with actual or potential politically exposed persons. Your business needs to consider the possible impact these events may have on patterns of financial activity when assessing risks related to particular customers and flows of funds.