Archive for the ‘AML Legislation updates’ Category
06.01.12 Identifying counterfeit euros
Identifying counterfeit euros - consultation decision HM Treasury (HMT) have published the results of their consultation on the UK's implementation of European Union (EU) Regulations 44/2009 and 45/2009, requiring Currency Exchange Offices and Money Transmitters to have procedures in place selectively to check euro notes and coins using an approved method. Following ...
04.11.11 Shah v HSBC: Court of Appeal Says the Identity of Staff Making SARs in Good Faith is Not Disclosable
Shah v HSBC: Court of Appeal Says the Identity of Staff Making SARs in Good Faith is Not Disclosable The Court of Appeal in London ruled on 13 October that HSBC Private Bank did not have to disclose the identity of employees who had made internal reports which had led to ...
01.09.11 Money Laundering Regulations cease to apply to stocktakers from 1 October 2011
As part of its review of the Money Laundering Regulations and in order to ensure its effective and proportionate implementation by businesses in the UK, the Treasury has reviewed the risk of money laundering and terrorist finance with HMRC and the Institute of Licensed Trade Stock Auditors. As a result the ...
07.06.11 HM Treasury Publish MLR Review
HM Treasury published its response to the review of the Money Laundering Regulations 2007. It is a consultation document requiring responses to be submitted by 30August 2011. It separates itself from the obvious areas from which FATF will review their 40 recommendations such as PEP’s and expansion of the regime. These ...
17.05.11 Proposed Changes to the ML Regime
I have just attended the 8th annual conference of IMLPO where two of the key speakers, Edward Garnier QC MP, Solicitor General and Hugh Burns, Head of Financial Crime Team HM Treasury, gave interesting updates to both the international and UK regimes and a time table for new changes. Firstly, the ...
20.01.11 UK identity cards can no longer be used to confirm identity under MLR
Under the Money Laundering Regulations businesses need to carry out customer due diligence on their customers. This involves asking to see documentary evidence of a customer's identity. Since November 2008 the UK Borders Agency (UKBA) has issued an ID card to migrants from countries outside the European Economic Area (EEA). From ...
04.11.10 FATF to add Tax Crimes as a ‘Predicate offence’ for money laundering
The Financial Action Task Force in its consultation document ‘Preparation for the 4th Round of Mutual Evaluations’ states that is considering including tax crimes as a predicate offence for money laundering in the context of its recommendation 1. More precisely, it proposes to amend the list of designated categories of ...
10.08.10 External consultants cannot act as a Nominated Officer under Money Laundering Regulations
As an external consultant I am usually in the situation where systems we devise for compliance starts with a simple policy statement, which firstly details who is and how to communicate with, the nominated officer, who will be a senior member of the firm, a director, partner or owner manager. ...
16.04.10 Decision on appeal against registration under the Money Laundering Regulations 2003
Decision on appeal against registration under the Money Laundering Regulations 2003 A First-tier Tribunal (Tax Chamber) decision regarding registration of businesses under the Money Laundering regulations 2003 has now been published. The Appellant had claimed that it was not liable to register with HMRC under the Money Laundering Regulations 2003 because it ...
19.01.10 OFT warns of deadline for anti-money laundering registration
Estate agents and certain consumer credit lenders must register under anti-money laundering regulations before 31 January 2010 to avoid breaking the law, the OFT warned today. Carrying on business having failed to do so could result in the imposition of a fine by the OFT, a prison sentence, or both. Money laundering ...
