Money Laundering Law and Regulation: A Practical Guide

Overview

Money Laundering Law and Regulation offers a practical and comprehensive guide to UK domestic anti-money laundering law and regulation, increasingly seen as key weapons in the fight against serious and organized crime.

This new book explains the genesis of the current regime, placing it in its international, European, and domestic context. It sets out fully the current law on money laundering and terrorist financing with an explanation of the key concepts of money laundering law...

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Overview

Money Laundering Law and Regulation offers a practical and comprehensive guide to UK domestic anti-money laundering law and regulation, increasingly seen as key weapons in the fight against serious and organized crime.

This new book explains the genesis of the current regime, placing it in its international, European, and domestic context. It sets out fully the current law on money laundering and terrorist financing with an explanation of the key concepts of money laundering law introduced by the Proceeds of Crime Act 2002. The book contains a detailed analysis of the suspicious activity reporting regime, both in relation to money laundering and to terrorist property and financing.

The customer due diligence and other requirements placed on those in the regulated sector by the Money Laundering Regulations 2007 are given detailed coverage, as are the provisions for registration, supervision and enforcement contained in the Regulations. The law relating to cash seizure, detention and forfeiture is set out and explained in a chapter that also covers the requirements for cash declaration. The final chapter provides specific guidance to practitioners through a detailed scenario involving parallel civil and criminal proceedings and commentary on how the relevant law is put into practice.

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Editorial Reviews

From the Publisher
"Until you get to chapter 12 this is a good book. Chapter 12 however makes it a fantastic book; it is titled "The Law in Practice", and gives the busy pratitioner clear answers and ideas to work with."
—CrimeLine

"[A] comprehensive and logically laid out work of reference written by experts."
—Phillip Taylor MBE and Elizabeth Taylor, Richmond Green Chambers

"Overall this is an excellent guide for practitioners, which is both practical and comprehensive. All of those involved in the fight against money laundering, in whatever capacity, should obtain a copy."
—Professor Andrew Campbell, Journal of International Banking Law and Regulation

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Product Details

  • ISBN-13: 9780199543038
  • Publisher: Oxford University Press
  • Publication date: 4/30/2011
  • Pages: 504
  • Product dimensions: 6.70 (w) x 9.60 (h) x 1.20 (d)

Meet the Author

Robin Booth is a partner at BCL Burton Copeland. He specializes in fraud, corruption and money laundering, and advises companies and individuals on corruption and money laundering risk and regulatory compliance. He is a member and former Chair of the Law Society's Money Laundering Task Force, and a former head of the Fraud Division of the UK Crown Prosecution Service.

Simon Farrell QC is a barrister at 3 Raymond Buildings. He is recognized as an expert in commercial and tax fraud, confiscation and money laundering cases. He sits as a Recorder in the UK Crown Court.

Guy Bastable is a partner at BCL Burton Copeland specializing in business crime and regulatory enforcement, including financial regulation, anti-money laundering compliance, asset recovery, and corporate manslaughter.

Nicholas Yeo is a criminal barrister at 3 Raymond Buildings. He specializes in fraud and the proceeds of crime.

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Table of Contents

1: The Background to Anti-money Laundering Law and Regulation
Introduction
Money laundering defined
The process of money laundering
The rise of global anti-money laundering measures
The role of the Financial Action Task Force
The origins of the money laundering offences in international law
Terrorist financing
Anti-money laundering law and regulation in the UK
Offences of money laundering: the mental element
Implementation of the new money laundering law and regulation
Conclusion
2: The Key Concepts in Money Laundering Law
Introduction
Criminal Property
Criminal Conduct
The Mental Element: Knowledge, Belief and Suspicion
3: The Money Laundering Offences under the Proceeds of Crime Act 2002
Introduction
Overview of Offences
The Concealing etc. Offence (section 327)
The Arrangements Offence (section 328)
Acquisition, Use and Possession Offence (section 329)
Conspiracy to Money Launder
Sentencing
4: The Money Laundering Offences under the Terrorism Act 2000
Introduction
International Legal Provisions
UK Terrorist Money Laundering Provisions under Part III of the Terrorism Act 2000
Key concepts under the Terrorism Act 2000
Definition of "Terrorist Financing" in Regulation 2 Money laundering Regulations 2007
Section 15 Raising funds for the purposes of terrorism
Section 16 Use and possession of money or other property for the purposes of terrorism
Section 17 Funding arrangements for the purposes of terrorism (s 17)
Section 18 Money Laundering by Concealing, removing from a jurisdiction, or transferring terrorist property (s 18)
Section 23 Forfeiture
Section 62 Counter-Terrorism Act 2008
The Al Qaida and Taliban (United Nations Measures) Order 2006/2952
The Terrorism (United Nations Measures) Order 2009/1747
The Terrorism (United Nations Measures) Order 2006/2657
Section 22 Penalties
5: Disclosure and the SARs Regime
Introduction
Disclosures and 'SARs'
The two different disclosure regimes under POCA: Required and Authorised disclosures
The SARs regime: structure and purpose
The SARs regime in practice
The consent regime
The role of the nominated officer
Conclusion
6: Disclosure and the Disclosure Offences under the Proceeds of Crime Act 2002
Introduction
Disclosure and offences of failure to disclose
Authorised disclosures and appropriate consent
Ancillary provisions
7: Disclosure and the Disclosure Offences under the Terrorism Act 2000
Introduction
The disclosure provisions: overview
Required disclosures: business outside the regulated sector
Required disclosures: the regulated sector
Other required disclosures
Disclosure by constables
Disclosure and/or consent as a defence
Protected disclosures
8: Unlawful Disclosure and Tipping Off
Introduction
Background
Unlawful disclosures under the Proceeds of Crime Act 2002
Unlawful disclosures under the Terrorism Act 2000
Conclusion
9: Regulation: The Regulated Sector and its Obligations
Introduction
The regulated sector - "relevant persons"
Customer due diligence: the main provisions
Customer due diligence: simplified due diligence, enhanced due diligence and ongoing monitoring
Customer due diligence: ancillary provisions
The requirements under Part 3 of the Regulations
10: Regulation: Supervision, Registration and Enforcement
Introduction
Supervision
Registration
Enforcement: introduction
Enforcement: investigative powers
Enforcement: civil penalties
Enforcement: criminal penalties
11: Cash Declaration, Seizure, and Forfeiture
Cash Declarations
Recovery of Cash in Summary Proceedings
Forfeiture of terrorist cash
12: The Law in Practice
1. The Background to Anti-money Laundering Law and Regulation
Introduction
Money laundering defined
The process of money laundering
The rise of global anti-money laundering measures
The role of the Financial Action Task Force
The origins of the money laundering offences in international law
Terrorist financing
Anti-money laundering law and regulation in the UK
Offences of money laundering: the mental element
Implementation of the new money laundering law and regulation
Conclusion
2. The Key Concepts in Money Laundering Law
Introduction
Criminal Property
Criminal Conduct
The Mental Element: Knowledge, Belief and Suspicion
3. The Money Laundering Offences under the Proceeds of Crime Act 2002
Introduction
Overview of Offences
The Concealing etc. Offence (section 327)
The Arrangements Offence (section 328)
Acquisition, Use and Possession Offence (section 329)
Conspiracy to Money Launder
Sentencing
4. The Money Laundering Offences under the Terrorism Act 2000
Introduction
International Legal Provisions
UK Terrorist Money Laundering Provisions under Part III of the Terrorism Act 2000
Key concepts under the Terrorism Act 2000
Definition of "Terrorist Financing" in Regulation 2 Money laundering Regulations 2007
Section 15 Raising funds for the purposes of terrorism
Section 16 Use and possession of money or other property for the purposes of terrorism
Section 17 Funding arrangements for the purposes of terrorism (s 17)
Section 18 Money Laundering by Concealing, removing from a jurisdiction, or transferring terrorist property (s 18)
Section 23 Forfeiture
Section 62 Counter-Terrorism Act 2008
The Al Qaida and Taliban (United Nations Measures) Order 2006/2952
The Terrorism (United Nations Measures) Order 2009/1747
The Terrorism (United Nations Measures) Order 2006/2657
Section 22 Penalties
5. Disclosure and the SARs Regime
Introduction
Disclosures and 'SARs'
The two different disclosure regimes under POCA: Required and Authorised disclosures
The SARs regime: structure and purpose
The SARs regime in practice
The consent regime
The role of the nominated officer
Conclusion
6. Disclosure and the Disclosure Offences under the Proceeds of Crime Act 2002
Introduction
Disclosure and offences of failure to disclose
Authorised disclosures and appropriate consent
Ancillary provisions
7. Disclosure and the Disclosure Offences under the Terrorism Act 2000
Introduction
The disclosure provisions: overview
Required disclosures: business outside the regulated sector
Required disclosures: the regulated sector
Other required disclosures
Disclosure by constables
Disclosure and/or consent as a defence
Protected disclosures
8. Unlawful Disclosure and Tipping Off
Introduction
Background
Unlawful disclosures under the Proceeds of Crime Act 2002
Unlawful disclosures under the Terrorism Act 2000
Conclusion
9. Regulation: The Regulated Sector and its Obligations
Introduction
The regulated sector - "relevant persons"
Customer due diligence: the main provisions
Customer due diligence: simplified due diligence, enhanced due diligence and ongoing monitoring
Customer due diligence: ancillary provisions
The requirements under Part 3 of the Regulations
10. Regulation: Supervision, Registration and Enforcement
Introduction
Supervision
Registration
Enforcement: introduction
Enforcement: investigative powers
Enforcement: civil penalties
Enforcement: criminal penalties
11. Cash Declaration, Seizure, and Forfeiture
Cash Declarations
Recovery of Cash in Summary Proceedings
Forfeiture of terrorist cash
12. The Law in Practice

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