Money Laundering Offences

Money Laundering Regulations Breaches

Money Laundering Regulations Breaches. For professional firms that provide defined services, the regulations require their anti-money laundering systems and controls meet the UK’s anti-money laundering regime’s requirements. The regulations require these firms to ensure that relevant employees are kept aware of the firms’ policies, controls and procedures and are accountable for their actions.

OFT fines Leicester-based estate agent almost twelve thousand pounds

The OFT, in its first formal Regulatory penalty, has fined Leicester-based IPS Estate Agents Limited £11,844 for failing to comply with anti-money laundering regulations. IPS failed to comply with a number of requirements under the Money Laundering Regulations 2007, including those relating to: verifying the identity of customers keeping appropriate records ensuring that relevant staff […]

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 predicate offences for money laundering as follows:

To clarify the current designated category of smuggling by referring to: smuggling including in relation to customs and excise duties and taxes.

To add a separate designated offence category: tax crimes – related to direct taxes and indirect taxes.

30.03.09 Wirral drug baron’s wife’s Champagne lifestyle comes to end

SHE enjoyed a life of the most vulgar excess, once joining her husband for a £600 chauffeur ride to Claridges for a £345 meal at Gordon Ramsay’s restaurant. But yesterday the glamorous wife of a Liverpool drugs baron was locked up for laundering his ill-gotten gains. Former beautician Sara Shea used her university-educated husband Keith’s drug money to pay for an enviable lifestyle of luxury.