The watchword of governments across the developed and developing world, in terms of law enforcement, is increasingly to ‘follow the money’, the theory being that if profit can be taken out of criminal conduct, then a front rank incentive for such conduct will evaporate.
Legislation is driven at a global level by the recommendations of the Financial Action Task Force (FATF) before being implemented at a national level in ways that, across the globe, are increasingly similar.
Law enforcement bodies now routinely seek confiscation of the proceeds of such crimes as drug and people trafficking, as well as schemes broadly described as ‘money-laundering’, which are designed to reintroduce ill-gotten gains into economies lawfully.
The range of investigatory and retributive powers at the disposal of the authorities is, against this background, increasingly potent. Accordingly, the burdens on individuals and businesses have increased markedly as have the risks and penalties for non compliance.
In the UK, the so-called ‘regulated sector’ (broadly speaking, financial services firms and solicitors) must comply with a range of obligations under the Proceeds of Crime Act 2002 and the Money-Laundering Regulations 2007. These ‘Anti-Money-Laundering’ obligations focus on the requirement to ‘Know Your Customer’ (KYC), that is, to be confident on the basis of appropriate due diligence that your client is who he claims to be, and that the business he seeks to transact is legitimate.
We can help your business meet its requirements under this legislation, either by assisting you in understanding and setting-up appropriate procedures or by evaluating those already in place to ensure their rigour and to allow you to conduct your business on an efficient and commercial basis.
Executed by leading barristers, our services include:
- Design or updating of bespoke compliance manuals;
- Review of existing AML & KYC Procedures;
- Client verification services (we have particular experience in dealing with high risk individuals such as PEP's)
- AML & KYC Training for staff at all levels;
- MLRO Reporting;
- Suspicious transaction advice and support.
Please contact a member of our team to find out more.
