In UK law money laundering is defined very widely, and includes all forms of handling or possessing criminal property, including possessing the proceeds of one's own crime, and facilitating any handling or possession of criminal property. Criminal property may take any form, including in money or money's worth, securities, tangible property and intangible property.
Money laundering can be carried out in respect of the proceeds of conduct that is an offence in the UK as well as most conduct occurring elsewhere that would have been an offence if it had taken place in the UK.
Latest News
Keep up to date with the latest Anti-Money Laundering news:
Sanctions Latest - 8 February 2012
HM Treasury has released its latest financial sanctions information covering terrorism and counter-terrorist financing and individuals associated with Al Qaida. The counter-terrorism financing amendment became effective on 8 February and three additional entities have been highlighted who should not be transacted with for counter-terrorism reasons. The Al Qaida amendment became effective on 8 February with a further three individuals identified as having connections to Al Qaida and are therefore not to be transacted with. A further individual was removed from the restricted list.
Criteria for 3rd country equivalence released
The European Commission (EC) has released a list of countries outside of the EU that it considers to operate equivalent Anti Money Laundering (AML) and Counter Terrorist Financing (CFT) regimes. In addition to this, the EC has also released information on the criteria which are used to determine whether or not a countries’ AML or CFT regimes are equivalent. Such equivalence recognition is necessary in order for practices to know when it they may apply some of the directive's provisions on, for example, simplified due diligence.
HM Treasury issues latest financial sanctions - 19 January 2012
HM Treasury has released its latest financial sanctions information in relation to Al Qaida and Syria, covering terrorism and counter-terrorist financing. The Al Qaida amendment became effective on 19 January 2012 and updates intelligence on individuals, entities and organisations known to have connections to Al Qaida. The Syrian statement relates to Syrian controlled credit or financial institutions (extending to subsidiaries or branches located outside Syria), the freezing of Syrian funds or resources and restrictions on financial services, banking, brokering, insurance services and individuals associated with the Syrian regime.
SOCA releases SARS regime annual report for 2011
The Serious Organised Crime Agency (SOCA) has released its Suspicious Activity Reports (SARS) Regime Annual Report for 2011. The report covers a period from 1 October 2010 to 30 September 2011 and focuses on the performance of the UK Financial Intelligence Unit (UKFIU) against the second year of the three-year strategy for the SARs regime that the committee set out in 2009. It also launches a new action plan for the coming year.
Final amendments to 2007 JMLSG guidance released
The Joint Money Laundering Steering Group (JMLSG) has released its final amendments to its 2007 guidance. A consultation version of the amended guidance was released in September 2011, and the final version has taken on board the comments made in relation to this from interested stakeholders. The new guidance broadly confirms the amendments proposed in the consultation version, along with some further minor amendments.
Responses released to consultation on changes to Money Laundering rules
HM Treasury has published a summary of responses in relation to its proposed changes to the Money Laundering Regulations 2007. The Government received 72 responses from a mixture of stakeholders such as professional bodies, regulated businesses and non-Governmental organisations. The publication also details the timeframe for the Government’s response to the consultation.
Anti Money Laundering and Counter Terrorist Financing Supervision Report published
HM Treasury has published its first ever report into Anti Money Laundering (AML) and Counter Terrorist Financing (CFT) supervision.
As one of the Treasury’s Supervisors who monitor the accountancy sector, ICAS is directly involved in providing information to the Treasury which is used in the preparation of the report. The aim of the report is to provide transparency and a greater degree of accountability of supervision and to encourage best practice. It is intended that the report will be an annual publication.
Latest FATF statement on overseas anti-money laundering controls
The Financial Action Task Force (FATF) has identified Iran and the Democratic People’s Republic of Korea as jurisdictions with on-going and substantial weaknesses in Anti Money Laundering (AML) and Counter Terrorist Financing (CFT) controls. It has also identified 10 jurisdictions who it considers to have strategic issues in relation to AML/CFT, who have either not made sufficient progress in addressing these risks or have not committed to an action plan developed with the FATF in addressing these deficiencies. The FATF has also reviewed the progress of those jurisdictions that have developed action plans, the findings indicating that some jurisdictions have made progress but others still have a significant way to go.
Finally, the FATF has stated that it is still concerned with the number of AML/CFT deficiencies that remain in Argentina since it began its mutual evaluation in October 2010.