Anti-money laundering
Amendments to practice note - February 2008
Introduction
This is a summary of changes made to the AML/CTF practice note in the 22 February 2008 version. It has been updated with advice on recent changes to tipping off offences. The government has substantially changed the tipping off offences in POCA 2002, and introduced new tipping offences and consent defences into the Terrorism Act 2000.
The summary of changes highlights the main changes to assist firms in adapting their policies and procedures. It is not an exhaustive list of amendments nor a detailed explanatory guide to the reasons behind the various amendments.
Chapter 1:
1.4.3
- Changes to scope and application sections to reflect changes to POCA due to the POCA Amendment Regulations 2007.
1.4.4
- Changes to the scope and application of the Terrorism Act 2000 due to the TACT Amendment Regulations 2007.
1.4.5
- Changes to clarify that solicitors should contact the SRA in case of any questions concerning supervision.
Chapter 5:
5.8
- There are substantial changes to explain the new tipping off offences that have been introduced through the TACT and POCA Amendment Regulations 2007.
5.8.1
- Changes include a full description of the offences and a new section 5.8.1.2 dealing with the offence of prejudicing an investigation (s342 (1)). This offence applies to those outside the regulated sector.
5.8.2
- Changes to the section on making enquiries. It reflects the position under the two new tipping off offences.
5.8.3.1 - 5.8.3.4
- These are new sections to reflect the new defences introduced under the TACT and POCA Amendment Regulations 2007.
Chapter 6
6.5
- Changes to include the new exemption of dissuading a client from engaging in criminal activity.
Chapter 7
7.2
- Changes to include information about the tipping off offences relating to the TACT and POCA Amendment Regulations 2007.
7.4
- Changes to include information on the consent defences.
7.7
- A new section explaining the tipping off offences.
7.8
- A new section explaining the defences to tipping off.
7.10
- A new section about making enquiries of clients.
Chapter 9
9.2.2
- Changes to explain that cases of supervisory overlap should be addressed to the SRA.
- Deleted sentence stating that when the standards differ should comply with the higher standard.
9.2.3
- Deletion of information on visits to firms by officers of designated authorities.
9.4.1
- Changes to the penalties for tipping off resulting from the TACT and POCA Amendment Regulations 2007.