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Money Laundering, Legal Obligations Related Services How to Proceed

MONEY LAUNDERING, LEGAL OBLIGATIONS

The Terrorism Act 2000, The Proceeds of Crime Act 2002 and The Money Laundering Regulations 2003 have broadened the scope of the UK anti-money laundering effort. ALL offences that involve terrorist finance or in which the proceeds of ANY crime are generated are now captured by this legislation. Furthermore, the regulated business sector has been enlarged to include, amongst others, solicitors, accountants, tax advisers, auditors, estate agents and those involved with the incorporation and management of companies.

The legislation is unequivocal; failure by a regulated business to adhere to the requirements of the Money Laundering Regulations 2003 is a criminal offence. Professionals now face up to two years imprisonment and/or fine. The damage to the reputation is inestimable, and potentially devastating.

However, the anti-money laundering legislation presents an opportunity for professionals who comply with the regulations to safely undertake high risk business whilst simultaneously reducing the possibility of their systems being compromised. The proper assessment of all new and relevant existing business ensures that you know your client and your client’s business. It is on this firm foundation, not fear, that you will be able to make the correct decisions as whether to proceed or not.

RELATED SERVICES

OCRA Worldwide aims to assist businesses to meet the legal requirements imposed on them by the main anti-money laundering legislation. We will achieve this through ongoing consultation, comprehensive and innovative training and the regular provision of relevant anti-money laundering information.

HOW TO PROCEED

Our consultant has particular expertise in International Compliance, and will gladly assist you with a Free Initial Consultation without obligation on how to approach your particular challenge.

If you would prefer to contact one of our multilingual offices, click here for a list of our office contact details.

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    professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.