Authors: Martin Saunders, Chris Stott
The term ‘money laundering’ refers to the use of the financial system to convert the ‘dirty’ proceeds of crime into ‘clean’ funds, the origins of which cannot be traced. It is closely linked with the process of terrorist financing, which covers activities relating to the funding of a wide range of banned organisations.
Criminals who have committed offences generating money or other property (commonly referred to as ‘acquisitive criminals’) are the main protagonists in this process. However legitimate businesses, and the individuals who work in them, are also crucial to the process of money laundering as they process and act as conduits for funds derived from criminal conduct.
This guide provides an introduction to the processes, and is designed to assist businesses and their employees with avoiding becoming involved in them. It concentrates largely on the anti-money laundering (‘AML’) regime applicable in the UK, but also provides an introduction to some of the key concepts of the counter-terrorist financing (‘CTF’) regime, which often overlap.
Includes the following customisable materials:
Please note this is a digital only title and not available in hard copy.
Substantive money laundering offences
Obligations in the regulated sector
Reporting suspicious circumstances
Record keeping, training, risk assessment and internal compliance
Registration requirements Obligations outside the regulated sector
Other regulatory obligations