Subjects:

Banking and Finance

Contents:

1. INTRODUCTION

2. THE UK AML FRAMEWORK - BACKGROUND

Legislative history

Measures against Drug Trafficking

UK Criminal Justice Acts 1988 & 1993: extension to 'Other Serious Crimes'

Proceeds of Crime Act 2002

3. THE UK AML FRAMEWORK - PRINCIPAL OFFENCES

The Principal Offences

Concealing etc. Assisting etc. Acquisition, use or possession etc. Elements of the offences criminal conduct property act knowledge or suspicion

Penalties

Defences

4. THE UK AML FRAMEWORK - OTHER OFFENCES

Failure to Disclose (regulated sector)

Tipping-Off

5. THE UK AML FRAMEWORK - ASSET RECOVERY & FORFEITURE

Asset Recovery Agency

Criminal Lifestyle & Forfeiture

Comments

6. THE UK AML FRAMEWORK - THE MONEY LAUNDERING REGULATIONS & THE GUIDANCE NOTES

The Money Laundering Regulations

The Joint Money Laundering Steering Group ('JMLSG')

JMLSG Guidance Notes for the UK Financial Sector

Training

7. THE UK AML FRAMEWORK - FISCAL OFFENCES AND FOREIGN TAX ENFORCEMENT

Historical background

Fiscal Offences

Fraudulent Evasion of Income Tax

Practical Difficulties

Countries that include Fiscal Crime in Money Laundering

Legal and technical issues relating to fiscal offences being AMLOffences

Other issues relating to fiscal offences being AML Offences

8. THE UK AML FRAMEWORK - OTHER TECHNICAL ISSUES

'All Crimes' Offences

Territorial Limits & 'Dual Criminality'

Proceeds

Time Limits and Retrospectivity

'Knowledge' And 'Suspicion'

9. UK AML PROCEDURES - KYC, DUE DILIGENCE & COMPLIANCE

KYC & Due Diligence

Blacklists

Compliance

Risk-Based approach

Databases & GRID

10. UK AML REPORTING PROCEDURES

Reporting Statistics

KYC: Information And Client Reporting

Reporting Procedures

Consent or otherwise

Indemnity

11. ISSUES FACING PROFESSIONALS AND PRACTITIONERS

KYC Information

Professional Privilege & Confidentiality

Solicitors

Accountants

In Re P

Conflicts in Client Reporting

Constructive Trust Issues

Prosecutions And Cautionary Tales

12. ISSUES FACING TRUSTEES AND EXECUTORS

KYC & Due Diligence

STEP AML Commentary

Comments of the STEP AML Commentary

Trustee Investments

Client Reporting

Constructive Trust Issues

Regulation off Trustees & Site Visits

Trustees as Money Launderers - Some Case Studies

13. APPLICATION OF AML PRINCIPLES OUTSIDE THE UK: THE GENERAL APPROACH IN OTHER SELECTED JURISDICTIONS

Introduction

The Bahamas

Bermuda

Canada

The Cayman Islands

Guernsey

Jersey

Isle of Man

Hong Kong

Singapore

The United States

14. APPLICATION OF AML PRINCIPLES OUTSIDE THE UK: THE SPECIFIC APPROACH TO FISCAL OFFENCES IN SELECTED JURISDICTIONS

The Bahamas

Bermuda

Canada

The Cayman Islands

Guernsey

Jersey

Isle of Man

Hong Kong

Singapore

The United States

15. CONCLUSIONS

ABBREVIATIONS & REFERENCES

GLOSSARY

AML LAWS & REGULATIONS

Money laundering is one of the most potentially fraught area for trustees, practitioners and their professional advisors. Compliance with the new regulations will be mandatory, and is likely to change the role of the modern Trust and Estate Practitioner. In response to this, LNUK has produced A Practitioner's Guide to Money Laundering Compliance covering the most recent anti-money laundering reforms. Written by a leading and respected Trust and Estate Practitioner, A Practitioner's Guide to Money Laundering Compliance crucially examines the new UK regime with a particular emphasis on the role, liabilities and obligations of trustees within it. Featuring an examination of the range of offences and the application of AML principles in a number of relevant jurisdictions, A Practitioner's Guide to Money Laundering Compliance discusses key practical issues such as Know your Client, reporting procedures, the conflict between tipping-off and disclosure, and advises practitioners who find themselves involved with trusts under investigation. The National Criminal Intelligence Service (NCIS) reported an estimated 15,000 suspicious cases in 2000 relating to money laundering. This figure had r