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Worldwide, anti-money laundering regulations and legislation have become one of the weapons of choice of governments that are fighting global terrorism and criminality.
Within the UK, the latest regulation, The Money Laundering Regulations 2007, have extended even further the range of businesses covered by the Proceeds of Crime Act to include solicitors, lawyers, accountants, estate agents, high value dealers, trust or company service providers and, in effect, all companies involved in consultancy or business services. The complexity of the new laws and the limited amount of any case law asks more questions about the responsibilities of these companies and their liabilities.
Doug Hopton's highly practical guide explains the basis of international law, regulations and standards in this area and how they affect businesses; and provides down-to-earth advice on the basic rules of good business management: customer due diligence, know your business (and your client's business), which will help companies understand what procedures to establish, and how and when to report suspicious activity.
The author explains the basis of money laundering and how it works, along with the development of the law and regulations around the world, and how other countries' laws can affect UK companies.
Doug Hopton was with the Barclays Bank Group for over 37 years before setting up DTH Associates Ltd, the consultancy he runs on financial crime prevention. For 24 years he worked in group internal audit, involved in fraud investigation and compliance worldwide with anti-money laundering legislation. He was for many years Head of Group Fraud and Money Laundering Prevention and was the Barclays Group Money Laundering Reporting Officer. He was also chairman on the Mainstream Banking Advisory Panel of the UK Joint Money Laundering Steering Group and a member of the former HM Treasury Money Laundering Experts Group.