Archive for the ‘AML Legislation updates’ Category
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 ...
10.08.09 JMLSG to Update AML Best Practice
Proposed amendments to key AML guidance in the UK were released on August 10th by the Joint Money Laundering Steering Group (JMLSG), a group of leading UK financial services trade associations that includes the British Bankers Association. JMLSG guidance is seen as the standard for AML compliance. Over recent months, the ...
26.04.09 HMRC issue revised guidance to MSB’s
This guidance is being sent to Money Service Businesses (MSBs) with a copy of the first direction issued under the Counter Terrorism Act 2008 Schedule 7 which affects them and will shortly be included in Public Notice MLR8: Preventing money laundering and terrorist financing. Who is this guidance for? This guidance is ...
16 March 2009 HM Treasury warns businesses of serious threats posed to the international financial system
The Financial Action Task Force (FATF) has announced that it remains concerned by Iran’s failure to meaningfully address the deficiencies in its Anti-Money Laundering and Combating Terrorist Financing (AML/CTF) regime, particularly in respect of terrorist financing and suspicious activity reporting. The FATF has called on its members to consider effective countermeasures ...
25/02/2009 FATF Statment
IRAN The FATF welcomes Iran’s initial engagement with the international community on money laundering. However, the FATF remains concerned by Iran’s failure to meaningfully address the ongoing and substantial deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The FATF remains particularly concerned about Iran’s failure to address ...
03/02/09 Important information for Money Service Businesses (MSBs)
This note is to alert all Money Service Businesses (MSBs) to HM Treasury’s new powers to issue directions under the Counter Terrorism Act which came into force on 26 November 2008. What powers does HM Treasury have? HM Treasury (HMT) may give a direction if one or more of the following apply: • The ...
Assets Recovery Agency Merges into SOCA
The Serious Crime Act 2007 extends the Civil Recovery and Taxation powers of the Assets Recovery Agency to SOCA and, also, the Civil Recovery powers to the major prosecuting bodies. This is a significant step towards mainstreaming the powers across law enforcement agencies. The Act also provided for the merger ...
Financial Action Task Force (FATF) statement
Financial Action Task Force (FATF) statement Financial institutions in the UK should give special attention to business relations and transactions with persons, including companies and financial institutions, from jurisdictions that do not adequately apply the FATF Recommendations. The FATF is an inter-governmental body that develops national and international policies to combat anti ...
