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
FATF Identifies Jurisdictions of Concern
The following jurisdictions are considered to prompt a serious risk to the international financial system as a result of serious deficiencies in their anti-money laundering (AML) and counter terrorist financing (CTF) regimes: Iran and Democratic People’s Republic of Korea (DPRK).
The following jurisdictions are considered to have made inadequate progress in addressing their deficiencies or not having committed to an action plan developed with the FATF to address these deficiencies: Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Syria, Tanzania, Turkey, Vietnam, Yemen. More information ....
SOCA Looks to Improve SAR Reporting Codes
The UK Financial Intelligence Unit (UKFIU) is looking at ways of improving the Suspicious Activity Report (SAR) Glossary of Terms (also known as the SAR Glossary Codes) and their use. In particular it will be focusing on codes that are not used with a view to updating them so that they are more applicable to users. It plans to consult with reporters, end users and other interested SARs regime stakeholders to help it obtain input from a broad range of users. We will bring you information on any changes to Glossary Codes once the consultation has taken place. More information on SAR reporting can be found on SOCA's website.
Asset Freezing Unit Mailbox Location moves Address
HM Treasury have confirmed that their Asset Freezing Unit mailbox will be changing address from AFU@hmtreasury@gsi.gov.uk to FinancialSanctions@hmtreasury.gsi.gov.uk as of 1 April 2013. This mailbox will be used to raise technical financial sanctions queries, to submit financial sanctions licence applications, authorisations and notifications. Further, all references to the “Asset Freezing Unit” that HM Treasury currently refers to will be replaced by “Financial Sanctions”. HM Treasury will be renaming its Asset Freezing Unit subscription facility from 1 April 2013 when it will be called FinancialSanctionsSubscribe. Any questions on these issues should be addressed to afu@hmtreasury.gsi.gov.uk.
European Commission Publishes Proposals for Fourth Money Laundering Directive
The European Commission has published proposals for the Fourth Money Laundering Directive. The key areas where changes have been proposed include:
- For high value dealers (HVDs) the registration limit is to be reduced to €7,500 and the scope widened to include other gambling entities and not solely casinos as is the case at present
- A further expansion in the scope of HVDs to include letting agents as well as estate agents
- Changes to the definition of beneficial ownership and the requirement that member states obligate companies/trusts to hold details of beneficial ownership and make it available to supervised businesses. In addition, every company, legal entity and trust will be required to hold adequate, accurate and up-to-date information about their beneficial owners
- Who is subject to enhanced due diligence or simplified due diligence is to be based on risk assessments of member states (previous risk factors are included as annexes to the directive)
- An extension of the politically exposed persons (PEPs) definition to include domestic PEPs, although enhanced verification required on a risk based approach. In addition, enhanced due diligence for politically exposed persons (PEPs) is extended to those who are beneficial owners, those holding high level political positions in the UK, and PEPs who have left office in the last 18 months
- Article 57 of the regulations states that member states shall publish details of sanctions imposed against those found to have breached the Regulations. This may be done anonymously if the publication of said details would cause disproportionate damage to the parties involved.
Latest Sanctions
HM Treasury has released its latest sanctions information which includes information on individuals associated with Burma and Myanmar, Syria, Iran and Libya. More information.
HM Treasury Releases 2011-12 Anti-Money Laundering and Counter Terrorist Finance Report
HM Treasury has released its annual Anti-Money Laundering (AML) and Counter Terrorist Finance (CTF) report for the 2011-12 year. The report covers the following key areas:
- Adoption of the risk-based approach
- Compliance visits
- Enforcement action
- Advice and outreach; and
- Information sharing.
SOCA Releases SARs Annual Report for 2011/12
The Serious and Organised Crime Agency (SOCA) has released its Suspicious Activity Reports Annual Report. The report contains an overview of SARs submitted during the year ended 31 September 2012, details of reporters by sector, numbers of SARs submitted and individual case study examples.