Money Laundering Statue and Rules

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A-Vic
A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
Hi All

Can anyone pass any details regarding the above or sites with details on it please.

Thanks


Vic:001_smile:

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  • mikes
    mikes Registered Posts: 254 Dedicated contributor 🦉
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    Money laundering laws, come under a combined use of the Proceeds of Crime Act 2002, the Serious Organised Crime and Police Act 2005 and the Money Laundering Regulations 2003.

    They state where an accountant or Practice has knowledge, suspicion or reasonable grounds for suspicion that a client or employer is involved with obtaining money illegally, there is a legal requirment to report this to the National Criminal Intelligence Service (NCIS). If the member is working in a company with a money laundering reporting officer then, they should be informed of the matter.

    I dont know of any websites as yet. I can have a look and see if i can find anything and come back if i have.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    mikes wrote: »
    Money laundering laws, come under a combined use of the Proceeds of Crime Act 2002, the Serious Organised Crime and Police Act 2005 and the Money Laundering Regulations 2003.

    They state where an accountant or Practice has knowledge, suspicion or reasonable grounds for suspicion that a client or employer is involved with obtaining money illegally, there is a legal requirment to report this to the National Criminal Intelligence Service (NCIS). If the member is working in a company with a money laundering reporting officer then, they should be informed of the matter.

    I dont know of any websites as yet. I can have a look and see if i can find anything and come back if i have.

    Wow thanks mikes you come to my rescue again :001_smile:

    If anything am after the responcibility of accountants regarding this

    Thanks again :001_smile:
  • mikes
    mikes Registered Posts: 254 Dedicated contributor 🦉
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    No probs, vic. I actually cribbed that from my Professional Ethics book. I'm afraid i'm not that clever.:001_smile:

    Regarding accountants responsibilites. All i could find of note on our good friend G Oogle esq. was an article from CIMA, that from 2006 accountants do not need to notify NCIS on any suspicions.

    IF you want any info on the acts, these are what i have come up with.

    http://www.192business.com/compliance/money-laundering
    About Money Laundering and link to Money Laundering Act

    The following are from the Office of publice sector information and give general notes on the acts.

    http://www.opsi.gov.uk/acts/acts2002/en/ukpgaen_20020029_en_1.htm
    Notes on proceeds of crime act

    http://www.opsi.gov.uk/acts/acts2005/en/ukpgaen_20050015_en_1.htm
    Serious organized crime and police act

    I haven't read them, too much, so i don't know if they will give you the information that you need.
  • Buff
    Buff Registered Posts: 275 Dedicated contributor 🦉
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    I am the point of contact in my office for all money laundering related questions with regards to what documentation we need in order to open up new clients in compliance with the Money Laundering policies.

    I'm off work today but I may have one of my booklets around the house
    somewhere - but if you have a specific question I could try and answer?
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