The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
ARCHIVED: This archived Practice Note is not being maintained. The Money Laundering Regulations 2007, SI 2007/2157, (MLR 2007, SI 2007/2157) were revoked and replaced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, (MLR 2017, SI 2017/692). From 26 June 2017, offences under MLR 2007, SI 2007/2157 can no longer be committed although offences which occurred on or before 25 June 2017 may still be investigated and prosecuted under MLR 2007, SI 2007/2157. This Practice Note is therefore retained to assist those advising on investigations and prosecutions for offences under MLR 2007, SI 2007/2157.
For information on the offences and investigations under MLR 2017, SI 2017/692, see Practice Note: Offences under the Money Laundering Regulations 2017 (MLR 2017).
The Money Laundering Regulations 2007, SI 2007/2157 (MLR 2007) came into force on 15 December 2007 and substantially implement Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the third Money Laundering Directive) in the UK. They oblige relevant persons to establish certain procedures to enable them to identify and report suspected money laundering and terrorist financing to designated regulatory authorities. 'Relevant persons' are defined as financial institutions, legal, accountancy
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