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ARTICLE · 04 SEPTEMBER 2002

Financial Regulation Update - The Proceeds of Crime Act

Herbert Smith Freehills Kramer LLP
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United KingdomLitigation, Mediation & Arbitration

In our August 2001 briefing we outlined the important changes to the law of money laundering proposed in the Proceeds of Crime Bill ("Bill"). This Bill received Royal Assent on 24 July 2002 and became the Proceeds of Crime Act ("Act"). The Act will have a significant effect on businesses, necessitating stricter reporting policies and more thorough staff training in light of new and extended money laundering offences.

The Act coincides with a number of recent measures aimed at combating terrorism and tightening financial regulation to which businesses will need to have regard, such as the Anti-Terrorism, Crime and Security Act 2001, the Money Laundering Regulations 2001 and the FSA’s Rules on money laundering.

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