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
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
The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015. One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017.
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.
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.
The Financial Action Task Force, the global standard-setter in the fight against money laundering and terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes.
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.
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.
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.
It is Business Tax Centre’s understanding that SAR’s are an individual’s obligations covered under the Proceeds of Crime Act and not covered under the Money Laundering Regulations which covers a ‘Firms’ obligations to put into place appropriate policies and procedures for the prevention, detection and reporting of suspicious activity, and not the actual SAR itself which has a subjective test and offences which are covered in PoCA.