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ARTICLE · 09 SEPTEMBER 2004

Money Laundering – Part 2

Barlow Lyde & Gilbert LLP
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Recently we reported on the implications of the Proceeds of Crime Act 2002 ("POCA") and its impact upon the solicitors’ profession in terms of the solicitor’s duty to report their suspicions of criminal activity to the National Criminal Intelligence Service (NCIS). In this article, we examine the provisions of the Money Laundering Regulations 2003 ("the Regulations") and their application to solic

United KingdomGovernment, Public Sector
Simon Tissot
Simon Tissot
Gaby Kaiser
Gaby Kaiser

Recently we reported on the implications of the Proceeds of Crime Act 2002 ("POCA") and its impact upon the solicitors’ profession in terms of the solicitor’s duty to report their suspicions of criminal activity to the National Criminal Intelligence Service (NCIS). In this article, we examine the provisions of the Money Laundering Regulations 2003 ("the Regulations") and their application to solicitors. However, when considering the Regulations solicitors cannot forget the wider requirements of POCA.

Introduction

The Regulations came into force on 1 March 2004 and replaced the 1993 and 2001 Regulations. Whereas the previous regime only applied to a few firms, the new Regulations are intended to impose specific requirements on a much wider regulated market including, for the first time, all solicitors (amongst others). The intention of the Regulations is to ensure that proper procedures are in place to effectively identify money laundering activities and to provide a route for their

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