OCRA
London aims to assist businesses to meet the legal requirements
imposed on them by the main anti-money laundering legislation.
We will achieve this through ongoing consultation, comprehensive
and innovative training and the regular provision of relevant
anti-money laundering information.
Money Laundering, Legal
Obligations
The Terrorism Act 2000, The Proceeds of Crime Act
2002 and The Money Laundering Regulations 2003 have broadened the
scope of the UK anti-money laundering effort. ALL offences that
involve terrorist finance or in which the proceeds of ANY crime
are generated are now captured by this legislation. Furthermore,
the regulated business sector has been enlarged to include, amongst
others, solicitors, accountants, tax advisers, auditors, estate
agents and those involved with the incorporation and management
of companies.
The legislation is unequivocal; failure by a regulated
business to adhere to the requirements of the Money Laundering Regulations
2003 is a criminal offence. Professionals now face up to two years
imprisonment and/or fine. The damage to the reputation is inestimable,
and potentially devastating.
However, the anti-money laundering legislation
presents an opportunity for professionals who comply with the regulations
to safely undertake high risk business whilst simultaneously reducing
the possibility of their systems being compromised. The proper assessment
of all new and relevant existing business ensures that you know
your client and your client’s business. It is on this firm
foundation, not fear, that you will be able to make the correct
decisions as whether to proceed or not.
For further information please contact Brian
Monk at our Isle
of Man office.
|
