A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML
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The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.
This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector
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.
The European Parliament on the 13th February will vote for legislative revisions to the current EU Anti-Money Laundering Directive (AMLD). This is a once-in-a-decade opportunity, the 3rd directive was voted on 17 December 2005. The proposed revised Anti-Money Laundering Directive should have a tremendous impact on the battles against corruption, drug trafficking, tax evasion and a range of other criminal activities all currently facilitated by the ease in which money can still be laundered across Europe today.
Ministers had already announced the register, intended to lift the “cloak of secrecy” around company ownership contained within the consultation document for ‘Trust and Transparency For UK Companies’. This consultation also raised a number areas of weaknesses concerning ownership and control and will affect client due diligence procedures for regulated entities.
The UK financial intelligence unit which was part of SOCA has now been absorbed into this new law enforcement structure. For obliged entities under the Money Laundering Regulations you will still file your suspicious activity reports online by visiting http://www.nationalcrimeagency.gov.uk/ and then click Reporting SARs in the top right hand corner. The old SOCA website address will automatically forward you to the new web address.
On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and improving the accountability of company directors. The proposed reforms seek to promote growth by improving confidence in the UK as an open and trusted place to invest and do business. Greater transparency and improved trust will mean honest entrepreneurs and investors are more willing to do business in the UK and are not disadvantaged by those who don’t play by the rules.