Commentary

3 Anti-money laundering considerations

BANKING vol 4(1)
| Commentary

3 Anti-money laundering considerations

| Commentary

3 Anti-money laundering considerations

Banks are subject to increasing duties1 and sanctions to report and prevent money laundering; in particular a failure to report a suspicion is a criminal offence pursuant to the Proceeds of Crime Act 2002 section 3302 and carrying out a transaction which is suspected to facilitated the movement of proceeds of crime is an offence pursuant to the Proceeds of Crime Act 2002 section 3273. Historically banks have not drafted provisions in mandate contracts which deal with non-compliance of the mandate in order to avoid committing a criminal offence. Some comfort was provided to banks by

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