{"id":661,"date":"2011-11-17T12:23:19","date_gmt":"2011-11-17T12:23:19","guid":{"rendered":"http:\/\/www.holdingpage.co\/?page_id=661"},"modified":"2011-11-17T12:23:31","modified_gmt":"2011-11-17T12:23:31","slug":"the-uk-legislative-framework","status":"publish","type":"page","link":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/ml-compliancy-training\/the-uk-legislative-framework","title":{"rendered":"The UK Legislative Framework"},"content":{"rendered":"<p><a href=\"http:\/\/www.holdingpage.co\/index.php\/compliancy-training\/the-uk-legislative-framework\/attachment\/5\" rel=\"attachment wp-att-662\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.holdingpage.co\/wp-content\/uploads\/2011\/11\/5.jpeg\" alt=\"\" title=\"5\" width=\"190\" height=\"286\" class=\"alignright size-full wp-image-662\" srcset=\"https:\/\/www.moneylaunderingcompliance.com\/wp-content\/uploads\/2011\/11\/5.jpeg 190w, https:\/\/www.moneylaunderingcompliance.com\/wp-content\/uploads\/2011\/11\/5-132x200.jpg 132w\" sizes=\"auto, (max-width: 190px) 100vw, 190px\" \/><\/a>Firms should be aware of the UK\u2019s strategy document. \u2018The financial challenge to crime and terrorism\u2019, issued jointly by HM Treasury, Home Office, SOCA and the Foreign Office which sets out why it is important to combat money laundering and terrorist financing. The strategy document notes that the Government\u2019s objectives are to use financial measures to:<\/p>\n<ul>\n<li>Deter crime and terrorism in the first place \u2013 by increasing the risk and lowering the reward faced by perpetrators;<\/li>\n<li>Detect the criminal or terrorist abuse of the financial system; and<\/li>\n<li>Disrupt criminal and terrorist activity \u2013 to save lives and hold the guilty to account.<\/li>\n<\/ul>\n<p>In order to deliver these objectives successfully, the government believes action in this area must be underpinned by the three key organising principles that were first set out in the 2004 AML Strategy<\/p>\n<p>The Governments published strategy (UK Anti-Money Laundering Strategy 2004) is based on three objectives:<span style=\"font-size: x-small;\">\u00a0 <\/span><\/p>\n<ul>\n<li>Effectiveness \u2013 making maximum impact on the criminal and terrorist threat:<br \/>\na. Build knowledge of criminal and terrorist threats to drive continuous improvement<br \/>\nb. Make the best use of the financial tools we have, by making sure that all stakeholders make\u00a0 the maximum use of the opportunities provided by financial tools, including those to recover criminal assets<\/li>\n<li>Proportionality \u2013 so that the benefits of intervention are justified and that they outweigh the costs:<br \/>\na. Entrench the risk-based approach<br \/>\nb. Reduce the burdens on citizens and business created by crime and security measures to the minimum required to protect their security<\/li>\n<li>Engagement \u2013 so that all stakeholders in government and the private sector, at home and abroad, work collaboratively in partnership:<br \/>\na. Work collaboratively across the AML\/CTF community, including to share data to reduce harm<br \/>\nb. Engage international partners to deliver a global solution to a global problem<\/li>\n<\/ul>\n<p>It is with this strategy in mind that the following legislation and regulation has been developed to form the framework for the nations approach to the prevention and detection of money laundering and the combating the financing of terrorism.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Firms should be aware of the UK\u2019s strategy document. \u2018The financial challenge to crime and terrorism\u2019, issued jointly by HM Treasury, Home Office, SOCA and the Foreign Office which sets out why it is important to combat money laundering and terrorist financing. The strategy document notes that the Government\u2019s objectives are to use financial measures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":612,"menu_order":13,"comment_status":"open","ping_status":"open","template":"training-page.php","meta":{"footnotes":""},"class_list":["post-661","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/comments?post=661"}],"version-history":[{"count":4,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/661\/revisions"}],"predecessor-version":[{"id":666,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/661\/revisions\/666"}],"up":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/612"}],"wp:attachment":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/media?parent=661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}