MEPs have called for a tightening of the rules on which countries are added or removed from the blacklist and indicated that UK overseas territories such as the Cayman Islands, Bahamas, Jersey and Guernsey are among those which should be added to an EU tax havens blacklist after the conclusion of the Brexit deal,
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
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 […]
HM Revenue & Customs (HMRC) Anti-Money Laundering Compliance Officers will shortly begin a programme of telephoning businesses registered with, and supervised by HMRC under the Money Laundering Regulations (MLR).
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.
The Financial Services Authority (FSA) has recently censured and banned three directors from acting as senior managers for failing to meet their supervisory standards
Do the requirements to carry out ongoing monitoring of customer due diligence measures and client’s business relationships mean that you must obtain a passport and utility bill from your existing clients or that you must investigate all the business affairs of your clients?
Customer Due Diligence (CDD) is a key part of the anti-money laundering requirements. They ensure that businesses know who their clients are, what their clients business are and do.
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 and may attract civil or criminal procedures from your supervisor
In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor,