Money Laundering

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By Jerry Walters

Professional Enablers ..........

When Security Minister Ben WALLACE MP announced three weeks ago a new crime strategy to tackle the increasing flow of illicit funds being processed through the UK economy, certain sectors came under fire once again for perceived failings in their efforts to combat money laundering.  The legal sector was one area singled out for criticism in the role it plays in allowing those who seek to launder funds through the financial system.

By Wayne Williams

A New Role for 2018 - The MLCO

A New Role for 2018 – the MLCO

We are now all familiar with the roles of COLP, COFA and MLRO.  There is however a new role to be appointed for 2018 the Money Laundering Compliance Officer – MLCO.

This appointment is required (where appropriate with regard to their size and nature) by the vast majority of solicitors firms with the possible limited exception in some cases of a true “Sole Practitioner” with no other employees.

By Jerry Walters

The changing face of AML in the UK

The changing face of AML in the UK

There are significant changes on the horizon in the world of Anti-Money Laundering as the UK Government announced last week two major developments in the fight to combat the threat of money laundering to the UK economy.  Firstly, there was the announcement of the establishing of a new AML watchdog ‘The Office for Professional Body Anti Money Laundering Supervision’ (OPBAS). The new watchdog is part of the Financial Conduct Authority (FCA) and will operate within its existing governance arrangements.

By Andrew Clarke

The 4th EU Money Laundering Directive

THE 4TH EU MONEY LAUNDERING DIRECTIVE
On 11 March 2014 a vote took place in the European Parliament when agreement was reached on the draft 4th EU Money Laundering Directive. The final text will now be established and adopted later this year.