Legislation Flashcards
Bribery Act
2010
SIX principles:
1. Proportionality
2. Top level commitment
3. Risk Assessment
4. Due diligence
5. Communication
6. Monitoring and Review
FOUR offences:
1. Bribing
2. Receiving a bribe
3. Bribing a foreign public official
4. Failing to prevent bribery.
Health and Safety at Work Act
1974
It places a duty on all employers “to ensure, so far as is reasonably practicable, the health, safety and welfare at work”.
Duty of care of employer to ensure health, safety, and welfare.
Policed by Health and Safety Executive (HSE) – criminal law.
Must report injuries and dangerous occurrences and regularly review risk assessments.
Money Laundering, Terrorist Financing and Transfer of Funds Regulations
2017
Have controls in place and staff training.
Undertake AML checks and source of funds and any high-risk factors.
1. Register with HMRC if they let properties over €10,000 pcm.
2. Enhanced DD on transactions which are without economic purpose.
Customer DD - identify, verify, address, directors, business info.
Enhanced DD - extra procedures, e.g., high risk country or PEP.
Other - cash limit of €10,000, business relationship monitored, and a record kept, MLRO appointed, maintain records for 5 years.
Penalties
* Maximum sentence of 14 years and/or unlimited fine for doing.
* Maximum sentence of 5 years and/or unlimited fine for assisting.
Risk Assessment
Legal Requirement if more than 5 staff members. I E R R A
Investigate
Evaluate
Record
Review
Advise
Typical Money Laundering Checks
Public Ltd Company – London Stock Exchange Listing
Publicly Accountable Body – Government Ownership Control
Private Limited Company – Certificate of Incorp. Full Name and ID.
Private Individual – Passport driving licence/bank statement/3 months.
6 Pack of Health and Safety Regulations
MDMPPW
Management
Display screen
Manual handling operations
PPE
Provision and use of work equipment
Workplace health, safety and welfare.
Estate Agent’s Act
1979
Applications:
* Disposal/acquisition of an interest in land
* Freehold/leasehold with capital value & Land
* Policed by Trading Standards Office – Prohibition or Warning Order
* Cooling off period – 14 days Principles:
1. T – Clarity on terms of agency – s18 – specify all costs
2. H – Honesty and accuracy
3. I – Openness for Personal interests – s21
4. D – Absence of discrimination
5. O – Tell clients all offers
6. C – Agreement and liability for costs
7. C – Keep clients’ money separate
Proceeds of Crime Act
2002
1. Concealing criminal property.
2. Arrangements – facilitates criminal property for a person.
3. Acquisition/use/possession of criminal property.
Limitation Act
1980
Contract - 6 years from date of negligent act / 3 years from date of knowledge / 15 years long stop date.
Tort – 6 years from the date the claimant suffered the loss.
Anti-money laundering sanctions update
2022
* Consider risks to AML policy, e.g., sanction lists contain UK citizens.
* Use software as part of DD if a firm is more likely to engage with high-risk clients or assets.
* HM Treasury’s ‘consolidated list’, MLRO will have access.
* Office of Financial Sanctions Implementation (OFSI) for assistance.
Consumer Rights Act
2015
Allows a 14-day cooling off period.
Equality Act
2010
9 protected characteristics: gender reassignment, sex, sexual orientation, age, disability, race, religion, marriage, pregnancy. Unconscious bias – must be aware of how it impacts decisions such as in recruitment.
Control of Asbestos Regulations
2012
Criminal offence
Duty holder = owner or tenant with repairing lease – must undertake risk assessment, management plan must be in place.
Building Safety Act
2022
Legislation to ensure residents have a stronger voice in ensuring safety in buildings. Higher risk buildings are 18m or 7+ storeys.
There is now a requirement (as of July 2023) for these buildings to have two staircases.
Climate Change Act
2008
Net zero carbon by 2050 - when the carbon emitted into the atmosphere = the carbon removed
