The following Environment practice note provides comprehensive and up to date legal information covering:
Money laundering is the conversion of illegally obtained money into legitimate currency or other assets.
The anti-money laundering (AML) regime in the UK is set out in the following legislation:
Terrorism Act 2000—criminalises terrorist financing
Proceeds of Crime Act 2002 (POCA 2002)—sets out the relevant money laundering offences and penalties
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692—sets out the procedures that should be followed to prevent businesses from being used to launder illegal funds, eg client identification, reporting and training
Criminal Finances Act 2017—contains measures allowing the sharing of information between regulated entities regarding terrorist financing, further to a notification to the National Crime Agency (NCA)
For a general overview of POCA 2002 and MLR 2017, see Practice Notes:
Proceeds of Crime Act 2002—key information for law firms
Money Laundering Directive 4 (MLD4) — Essentials
The Fifth Money Directive (EU) 2018/843 (MLD5) was published on 19 June 2018.
In October 2018 the European Council adopted a further, new anti-money laundering directive. For more information, see: LNB News 11/10/2018 87.
For more information, see Practice Note: Offences under the Money Laundering Regulations 2017 (MLR 2017).
The Sanctions and Anti-Money Laundering Act 2018 (Commencement No 1) Regulations, SI 2018/1213 are in force from 22 November 2019. They bring into force certain provisions of the Sanctions and Anti-Money Laundering Act 2018 relating
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This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
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