Briefing - Money Laundering Update

Please contact us to discuss any of the matters raised in this newsletter

The new legislation and why it has been introduced

The Proceeds of Crime Act 2002 (The Act) and the Serious Organised Crime and Police Act 2005 both continue to contain relevant legislation in this area, as do the Terrorism Acts. The new legislation takes the form of the Money Laundering Regulations 2007 (The Regulations). The Regulations contain the detailed procedural requirements for those affected and they replace the Money Laundering Regulations 2003. The new Regulations came into force on 15 December 2007.

The new legislation stems from the European Union’s Third Money Laundering Directive and the Regulations are the mechanism used by the government to implement the requirements of this Directive.

Who is caught by the Regulations?

The Regulations apply to anyone who is defined as a ‘relevant person’, which in general terms includes:

auditors and external accountants
tax advisers
independent legal professionals
dealers in high value goods (including auctioneers) whenever a transaction involves accepting payment of at least d15,000 (or the equivalent in any currency; around £10,000) in cash for goods, whether in a single transaction or in several instalments
trust or company service providers
insolvency practitioners
estate agents
casinos
credit and financial institutions.

This information is intended for guidance purposes only, and you should always seek professional advice before taking any action. Please contact us for further information relating specifically to your business.

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