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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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

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