Anti-money laundering

Table of contents

• Definitions and glossary
  • Definitions
  • Glossary
• Chapter 1 – introduction
  • General comments
  • Status of this practice note
  • Definition of money laundering
    • Placement
    • Layering
    • Integration
  • Legal framework
    • Financial Action Task Force
    • European Union directives
    • Proceeds of Crime Act 2002
    • Terrorism Act 2000
    • The Money Laundering Regulations 2007
  • Other Law Society services
  • Acknowledgements
• Chapter 2 – the risk-based approach
  • General comments
  • Application
  • Assessing your firm's risk profile
  • Assessing individual risk
• Chapter 3 – systems, policies and procedures
  • General comments
  • Application
  • Nominated officers
  • Risk assessment
  • Internal controls and monitoring compliance
  • Customer due diligence
  • Disclosures
  • Record keeping
  • Communication and training
• Chapter 4 – customer due diligence
  • General comments
  • Application
  • CDD in general
    • When is CDD required?
    • What is CDD?
    • Methods of verification
    • Reliance and outsourcing
    • Timing
  • Ongoing monitoring
  • Records
  • CDD on your clients
    • Natural persons
    • Partnerships, limited partnerships and UK LPPs
    • Companies
    • Other arrangements or bodies
    • Government agencies and councils
  • CDD on beneficial owners
    • General comments
    • Assessing the risk
    • Agency
    • Companies
    • Partnerships
    • Trusts
    • Other arrangements and legal entities
  • Simplified due diligence
    • What is simplified due diligence?
    • Who qualifies for simplified due diligence?
  • Enhanced due diligence
    • Non face-to-face clients
    • Politically exposed persons
  • Existing customers
  • FATF counter measures
  • Annex A – examples of beneficial ownership for a trust
• Chapter 5 – money laundering offences
  • General comments
  • Application
  • Mental elements
  • Principal money laundering offences
    • General comments
    • Section 327 – concealing
    • Section 328 – arrangements
    • Section 329 – acquisition, use or possession
  • Defences to principal money laundering offences
    • Authorised disclosures
    • Adequate consideration defence
  • Failure to disclose offences – money laundering
    • General comments
    • Section 330 – failure to disclose: regulated sector
    • Section 331 – failure to disclose: nominated officer in the regulated sector
    • Section 332 – failure to disclose: nominated officer in the non-regulated sector
  • Exemptions to failure to disclose offences
    • Reasonable excuse
    • Privileged circumstances
    • Lack of training
  • Tipping off
    • Offences
    • Making enquiries of a client
    • Defences
• Chapter 6 – legal professional privilege
  • General comments
  • Application
  • Duty of confidentiality
  • Legal professional privilege
    • General overview
    • Advice privilege
    • Litigation privilege
    • Important points to consider
    • Crime/fraud exception
  • Privileged circumstances
  • Differences between privileged circumstances and LPP
  • When do I disclose?
• Chapter 7 – terrorism offences
  • General comments
  • Application
  • Principal terrorism offences
  • Defences to s15-18
  • Failure to disclose offences
  • Defences to failing to disclose
  • Other terrorist offences in statutory instruments
• Chapter 8 – making a disclosure
  • General comments
  • Application
  • Suspicious activity reports
    • What is a SAR?
    • Who discloses?
    • When?
    • Types of disclosures
    • How to disclose
    • Information to include
    • Getting consent from SOCA to proceed
    • Talking to a SOCA representative
    • Confidentiality of SARs
  • Feedback on SARs
• Chapter 9 – enforcement
  • General comments
  • Supervision under the regulations
  • Disciplinary action
  • Offences and penalties
  • Joint liability
  • Prosecutorial agencies
• Chapter 10 – civil liability
  • General comments
  • Constructive trusteeship
  • Knowing receipt
  • Knowing assistance
  • Making a disclosure to SOCA
  • Notify your professional indemnity insurers
• Chapter 11 – money laundering warning signs
  • General comments
  • General warning signs
    • Secretive clients
    • Unusual instructions
    • Use of client accounts
    • Suspect territory
  • Private client work
    • Administration of estates
    • Trusts
    • Charities
    • Powers of attorney/receivership
  • Property work
    • Ownership issues
    • Methods of funding
    • Valuing
    • Lender issues
    • Tax issues
  • Company and commercial work
    • Forming a new company
    • Holding of funds
    • Private equity
    • Collective investment schemes
• Chapter 12 – offences and reporting practical examples
  • General comments
  • Principal offences
  • Should I make a disclosure?
    • Property transactions
    • Company transactions

Top of page