Money Laundering Bulletin

What does the Proceeds of Crime Act 2002 (POCA) mean for commercial insurers, their brokers and clients? Long-term life business might be caught by the ambit of Schedule 9 of POCA and the Money Laundering Regulations 2003 as a potential stop-off..

Tiny, mountainous and very welcoming to high net worth individuals, Andorra would appear to fit the stereotype of the money laundering haven. On balance, AML specialists say that would be a wrong view, says Alan Osborn, but the dominant culture of secrecy around financial matters makes it hard to know.

David Corker may be contacted on tel: +44 (0) 20 7353 6000; email law@corkerbinning.co.uk

One of the main responsibilities of the UK MLRO is the provision (by himself or someone else) of adequate anti-money laundering (AML) training to “relevant employees” [Regulation 3] within his organisation. However, like the doctor who fails to notice his own illness, the MLRO may forget that he, more than anyone, falls squarely into this category, warns Sue Grossey.

Playback

Greece has failed to legislate to implement the Second EU Money Laundering Directive; it has provided neither an explanation nor a promise of future action to the European Commission, thereby laying itself open to action at the European Court of..

It was a chance remark from a well-connected source that made MLB’s editor sit up sharply (who said journalists’ lunches are all perk and no work?) The latest UK legislative programme is worth a closer look, he suggested, and after a bit of digging, so it proved. Given all the brouhaha in the last couple of years, it is surprising that more has not been made (at time of writing, in early December) of prospective substantive revisions to Part VII of the Proceeds of Crime Act 2002 (POCA). Admittedly the changes are buried in Part 2, Chapter 6 of the Serious Organised Crime and Police Bill, currently before Parliament, but they are of a nature to bring more than a fleeting smile to even the most care-worn MLRO’s features this Yuletide.