Money Laundering and Terrorist Financing

Question 1

who prepared the guidance on money laundering?

Answer 1

barristers and advocates

Question 2

what does the guidance address?

Answer 2

the issues raised for such barristers and advocates by Part 7 Proceeds of Crime Act, the Terrorism Act 2000 ad the Money Laundering Regulations 2017

Question 3

what is money laundering?

Answer 3

any activity in relation to the proceeds of crime, even pass activity such as mere possession

Question 4

what is terrorist financing?

Answer 4

the raising, moving, storing and using of financial resources for the purposes of terrorism

Question 5

What is the duty of every barrister and advocate to understand?

Answer 5

to understand the principles of money laundering and terrorist financing and how to recognise them

Question 6

What does not fall within the concept of becoming concerned in money laundering?

Answer 6

the ordinary conduct of litigation

Question 7

what does it mean that the ordinary conduct of litigation does not create involvement in money laundering?

Answer 7

that most of the things you do as a barrister will not trigger anti-money laundering or counter-terrorist financing obligations.

Question 8

what does the ordinary conduct of litigation not apply to?

Answer 8

activities performed outside a litigation or arbitration context

Question 9

What additional obligations do barristers and advocates within the regulated sector have?

Answer 9

to carry out a risk assessment, undertake Customer Due Diligence before acting, keep a record of their compliance with the Regulations and disclose suspicious activity to the authorities.

Question 10

What work is within the scope fo the Regulations?

Answer 10

work involving financial or real property transactions or tax advice or assistance on non-contentious matters is potentially within the scope of the Regulations