Details
The prevention of money laundering, and compliance with related laws and regulations, has become the most important area of practice for trust and estate practitioners and for professional advisors. Money Laundering Compliance, Second Edition will provide you with a technical and practical overview of both the UK and the International provisions designed to prevent the laundering of the proceeds of serious crime, and the financing of terrorism.
New legislation – New advice
With a clear explanation of the legal framework and the relevant practical and procedural issues, this user-friendly book crucially examines changes in the UK regime with a particular emphasis on the role, liabilities and obligations of trustees within it. It also considers the range of offences and the application of AML principles in a number of relevant jurisdictions.
This new fully revised edition discusses: key practical issues relating to KYC/CDD, reporting procedures, the conflict between tipping-off and disclosure, the Third EU Money Laundering Directive, The Serious Organised Crime and Police Act 2005, The Serious Crime Bill 2007, Money Laundering Regulations 2007 (UK) and EU Directive 2006/70 on politically exposed persons. Comprehensive and well-structured, this is essential reading for all practitioners working directly or indirectly in the financial services industry.
Contents
- Introduction & Principles
- The UK AML Framework - background
- The UK AML Framework - the principal UK money laundering offences
- The UK AML Framework failure to disclose and tipping-off
- The UK AML Framework - asset recovery and forfeiture
- The UK AML Framework - the Money Laundering Regulations and Guidance Notes
- Fiscal offences and foreign tax enforcement
- The UK AML Framework - technical issues
- EU Initiatives and the Third Money Laundering Directive
- Customer Due Diligence and compliance
- Reporting procedures
- Issues facing legal professionals and practitioners
- Issues facing trustees, TSPs and executors
- Issues facing Banks and CSPs
- Application of AML-CFT principles outside the UK: general approach
- Application of AML-CFT principles outside the UK: specific approach to fiscal offences
- Bribery and Corruption
- Conclusions
Appendices
- Statutory Provisions
- Supranational Reports
- Know-Your-Customer
- Report Forms
- Legal
- Trustees and Money Laundering
- Ed Balls MP Letter to the President of the Law Society June 2007
- HM Revenue & Customs Form C9011 - Cash Declaration
The primary focus of this publication is on the United Kingdom, since the Uk is the second biggest money centre after the United States. The book is aimed at those involved directly or indirectly in the financial services industry, be they advisor, administrator of wealth-planning structures, regulators or legislators.
The book considers anti-money laundering in an international context, both onshore and offshore, as many overseas jurisdictions derive their 'anti-money laundering - countering the financing of terrorism' (AML-CFT) framework from the United Kingdom.
Offences and the application of anti-money laundering principles in a number of relevant jurisdictions are featured. Among key practical issues discussed are Know your Client, reporting procedures, the conflict between tipping-off and disclosure and advice for practitioners who find themselves with trusts under investigation.
Accountancy Ireland, April 2008
