Money Laundering Law and Regulation: A Practical Guide

Money Laundering Law and Regulation offers a practical and comprehensive guide to 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.

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