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NCJ Number: 200691 Find in a Library
Title: Putting the Crooks Out of Business! The Financial War on Organised Crime and Terror
Journal: Journal of Financial Crime  Volume:10  Issue:4  Dated:April 2003  Pages:366-369
Author(s): Rosalind Wright
Date Published: April 2003
Page Count: 4
Type: Legislation/Policy Description
Format: Article
Language: English
Country: United Kingdom
Annotation: This paper explains how the provisions of various British laws combine to provide the tools to fight money laundering by criminals and criminal networks, including terrorists.
Abstract: The British Money Laundering Regulations of 1993 are being enforced by the Financial Services Authority (FSA). The Regulations focus on ensuring that banks and other financial institutions have strong prevention systems and controls in place and provide training that enables staff to identify and report suspicious transactions. A key regulation requires that institutions maintain full records of customer identity, so as to make it possible to trace the complicated money movements associated with laundering. New money laundering regulations will come into force in June 2003. The Regulations will extend to money transmission agencies and bureaux de change, which will be regulated by HM Customs and Excise. Solicitors, accountants, and all professional advisers will come under the Regulations as well. The substantive offenses are set to change under the Proceeds of Crime Act 2002, which is now in force. This paper outlines the six provisions of the act that pertain to money laundering. The act will assist the Serious Fraud Office in enforcing money-laundering prevention regulations.
Main Term(s): Domestic Preparedness
Index Term(s): Counter-terrorism tactics; Financial institutions; Foreign laws; Money laundering; Transnational Crime
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