Money Laundering And Proceeds Of Crime Act 2002 Flashcards
Three stages of money laundering ?
Placement
Layering
Integration
What is the MLCO?
Money laundering and compliance officer will act as SRA main point of contact
What is standard due diligence?
Must identify client based on documents from third party (government documents etc)
What else must be identified under standard due diligence ?
Any beneficial owner:
- individual with ultimate control
- more than 25% of shares
What is simplified due diligence ?
Where firm uses its own risk assessment to determine if there is a low risk of money laundering
What is the offence of arranging in proceeds of crime act 2002 ?
Enters into or becomes concerned in an arrangement which he knows or suspects facilitates the acquisition, retention, use or control of criminal property
What is the authorised disclosure defence ?
Disclosure in relation to criminal property and must satisfy the certainty requirements as to its timing
Can a solicitor make a disclosure while the act is going on ?
Yes if:
- disclosure made whilst it’s going on
- when solicitor began to do the act the solicitor did not know or suspect that the property
- disclosure is made as soon as is practicable after the solicitor knows
What is offence of tipping off ?
Alerting someone suspected of money laundering that an investigation is going on.
What is the offence of failure to disclose?
They know or suspect or have reasonable grounds that person is engaged in money laundering
