Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 05 JULY 2005

Money laundering reporting requirements refined at last

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

The government finally appears to have acknowledged that the current money laundering reporting regime is onerous. The need for refinement was recognised last month by the chairman of the Serious and Organised Crime Agency, the body which will take responsibility for money laundering from NCIS next April. Sir Stephen Lander told a Financial Times conference that he intended to make the reporting system ess time-consuming and more effective and to create a closer partnership with the private se

United KingdomGovernment, Public Sector
Tony Marks
Tony Marks

The government finally appears to have acknowledged that the current money laundering reporting regime is onerous. The need for refinement was recognised last month by the chairman of the Serious and Organised Crime Agency, the body which will take responsibility for money laundering from NCIS next April. Sir Stephen Lander told a Financial Times conference that he intended to make the reporting system less time-consuming and more effective and to create a closer partnership with the private sector.

The statement came just ahead of important changes to the money laundering provisions contained in the Proceeds of Crime Act 2002 ("POCA"), which came into effect on 1 July this year. The key changes introduced by the Serious Organised Crime and Police Act ("SOCA"), the legislation which established Sir Stephen’s new agency, are:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Budget Tracker (2026)

The Chancellor of the Exchequer faces the formidable challenge of delivering his first Budget amid economic headwinds, geopolitical instability, and a wave of ambitious government promises. With GDP growth forecast at just 1.1%, inflation at 3.4%, and public sector net borrowing exceeding £115 billion, can he balance fiscal responsibility with pledges to avoid raising Income Tax, National Insurance, or VAT while funding increased defence spending and social care reforms?
United KingdomGovernment, Public Sector
Travers Smith LLP
Travers Smith LLP
Article

Sanctions: Fortnightly Summary

The UK government has significantly expanded its sanctions framework targeting Russia, introducing measures against individuals and entities involved in military supply chains, energy sectors, cryptocurrency networks, and alleged human rights violations. These developments reflect an evolving enforcement landscape with new powers, increased scrutiny of sanctions evasion, and landmark legal clarifications affecting businesses operating in sanctioned jurisdictions.
European UnionGovernment, Public Sector
BCL Solicitors LLP
BCL Solicitors LLP
Article

Foreign Direct Investment (FDI) And National Security Screening

Angela Gregson of Weightmans and Sean Ryan of Whitney Moore compare Ireland's new foreign direct investment screening regime with the UK's established National Security and Investment Act, examining when notification is required, key procedural differences, and practical steps to navigate both frameworks. The analysis draws on recent annual reports to reveal how these regimes are operating in practice and what reforms are on the horizon.
United KingdomGovernment, Public Sector
Weightmans LLP
Weightmans LLP
Article

UK Weekly Sanctions Update - Weeks of August 3 and August 10, 2026

This weekly update examines the UK's latest sanctions developments, including amendments to general licences for oil projects and Lukoil entities, new guidance on banknote trading prohibitions, and expanded sanctions targeting Russian banks and shadow fleet vessels. The briefing also covers regulatory guidance from the Solicitors Regulation Authority on sanctions compliance risks.
United KingdomGovernment, Public Sector
Mayer Brown
Mayer Brown
Article

Peptides In Aesthetics And Wellness: The Regulatory And Criminal Risks Practitioners Need To Know

The aesthetics and wellness markets are seeing explosive growth in peptide treatments, but many practitioners may not fully understand the complex regulatory framework governing these products. What begins as offering an innovative treatment could escalate into criminal investigations, frozen bank accounts, and asset forfeiture proceedings under proceeds of crime legislation.
United KingdomGovernment, Public Sector
JMW Solicitors LLP
JMW Solicitors LLP