The Regulations contain the detailed procedural requirements for those affected by the legislation, but have been updated in some areas, including beneficial owners and high risk third countries, compared to the previous version. They have subsequently been amended a number of times, most recently as a result of Brexit. The 2017 Regulations originally came into effect on 26 June 2017 and replaced the 2007 Regulations. See the panel below for some of the more technical terms of the Act. The Act also revised and consolidated the requirement for those affected to report knowledge, suspicion or reasonable grounds to suspect money laundering. When first issued the Act re-defined money laundering and the money laundering offences, to cover the proceeds of any crime (not just serious crime) and created mechanisms for investigating and recovering the proceeds of crime. the Money Laundering,Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended (The 2017 Regulations as amended).the Proceeds of Crime Act 2002 (The Act) as amended by the Serious Organised Crime and Police Act 2005, and.
While the general principles remain money laundering involves turning the proceeds of crime into apparently 'innocent' funds with no obvious link to their criminal origins, what should be remembered is that the definition includes the proceeds of any criminal offence, regardless of the amount involved.
However legislation, in the last two decades, has expanded significantly the definition of what we might have traditionally considered as money laundering. Most of us imagine money launderers to be criminals involved in drug trafficking or terrorism or to be someone like Al Capone. These rules affect a wide range of people and we consider how your organisation may be affected.
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There are tough rules to crack down on money laundering and the proceeds of crime. If you have a business in the Pinner and Sevenoaks area we, at The HHC Partnership Ltd, can assist on a number of matters relating to the regulations. We consider how money laundering rules affect your organisation.
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