Understandably, following the events of September last year, steps were taken to enhance the economic fight against terrorism. Two main pieces of new legislation which have recently come into force are the Anti-Terrorism, Crime and Security Act 2001 and the Terrorism (United Nations Measures) Order 2001. These substantially increase the burden on financial institutions to make reports to NCIS and, importantly, separately to the Treasury. They will, in light of the requirements of the Money Laundering Regulations 1993 and the FSA Rules, require a degree of re-training of staff and a change to internal controls.
Anti-Terrorism, Crime and Security Act 2001
The Terrorism Act 2000, the majority of which came into force last year, replaced the Prevention of Terrorism (Temporary Provisions) Act 1989. The Terrorism Act 2000 made it an offence to fail to disclose to NCIS a belief or suspicion (from information, which came to a person in the course of their trade, profession, business or
