A guide to money laundering legislation

Abstract

Describes the greatly extended UK legislation to prevent money laundering, which is defined as the process by which the proceeds of crime and the true ownership of those proceeds are changed so that the proceeds appear to come from a legitimate source; the three stages of the money laundering process are placement, layering, and integration. Details the provisions of the Proceeds of Crime Act (POCA) 2002, including substantive money laundering offences pursuant to POCA and to the Terrorism Act 2000, “failing to report” offences, and “tipping off” offences. Outlines the Money Laundering Regulations (MLR) 2003, which place additional anti‐money laundering administrative requirements on organizations undertaking specified regulated activities. Discusses how POCA and the MLR affect disclosure and legal privilege, and the practical effects of POCA and MLR on professionals such as finance organizations, estate agents, casinos and barristers.

Citation

Rhodes QC, R. and Palastrand, S. (2004), "A guide to money laundering legislation", Journal of Money Laundering Control, Vol. 8 No. 1, pp. 9-18. https://doi.org/10.1108/13685200510621271