Ethics, Rules Of Conduct And Professionalism

Question 1

What is money laundering?

Answer 1

Money laundering is the action of concealing the source of proceeds of criminal activity to disguise their illegal origin. The process is also known as “cleaning” money. Money laundering could take place through hiding, transferring and or recycling illicit money through one or more transactions s or converting crime al proceeds into legitimate property.

Question 2

What is the key piece of legislation relating to money laundering in the UK?

Answer 2

The money laundering, terrorist financing and transfer of funds (information of payer) Regulations 2017.

If you suspect a party of suspicious activity, this is covered by the Proceeds of Crime Act 2010.