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Vol 21 No 10 Oct/Nov 2016

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This book is now Out of Print.
A new edition was published, see:
Money Laundering Compliance 2nd ed isbn 9781847660527

A Practitioner's Guide to Money Laundering Compliance

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ISBN13: 9780406971470
ISBN: 0406971471
New Edition ISBN: 9781847660527
Published: April 2004
Publisher: LexisNexis Butterworths
Format: Paperback
Price: Out of print



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

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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