“It is only just over six weeks since the new regime came into force — but already cracks have begun to emerge in the regulations to clamp down on money laundering by fraudsters and terrorists. The regime is proving costly to implement and risks catching innocent people in its net. But is it proving its worth?”
The Times, 29th January 2008
Source: www.timesonline.co.uk
“A gang of Seventh-Day Adventists in London conned their fellow churchgoers into giving them millions of pounds to invest, which they then spent on luxury flats, holidays and cars, a court was told yesterday.”
The Times, 9th January 2008
Source: www.timesonline.co.uk
“A corrupt solicitor who was at the heart of a criminal network that made multimillion-pound profits from the heroin trade will be jailed today.”
The Times, 5th December 2007
Source: www.timesonline.co.uk
“The move to a risk-based approach to anti-money laundering regulation has yielded little fruit, according to new research.”
The Lawyer, 3rd September 2007
Source: www.thelawyer.com
“The Joint Money Laundering Steering Group (JMLSG) has published draft amended guidance for electronic money. It covers products that are card-based as well as those that are entirely software-based.”
OUT-LAW.com, 28th August 2007
Source: www.out-law.com
“Regulations set to come into force in December will be costly and could lead to a drop in competitiveness, according to a survey.”
The Times, 26th July 2007
Source: www.timesonline.co.uk
“Today the Economic Secretary, Kitty Ussher, published new tough and targeted Regulations to fight Money Laundering and Terrorist Financing. The Money Laundering Regulations, which will come into effect on the 15th December, are designed to ensure the UK response to money laundering at home and abroad is effective and proportionate.”
HM Treasury press release, 25th July 2007
Source: www.hm-treasury.gov.uk
Obligation on lawyers to help combat money laundering
Court of Justice of the European Communities
“Advice and assistance given by lawyers in financial and real estate transactions that had no link with judicial proceedings were not exempt from the duty to cooperate in combating money laundering.”
The Times, 2nd July 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“The former oligarch and arch-critic of the Kremlin Boris Berezovsky is to go on trial in Moscow today accused of money laundering and embezzlement, in a case likely to put further strain on UK-Russian relations. Mr Berezovsky will be tried in absentia on charges of embezzling 214m roubles (£4.12m) from the Russian state-owned airline Aeroflot. The tycoon, who has lived in self-imposed exile in London since 2001, has refused to attend.”
The Guardian, 2nd July 2007
Source: www.guardian.co.uk
“The Law Society has won another battle in its war to change the draft money laundering regulations causing headaches among City lawyers.”
The Lawyer, 5th June 2007
Source: www.thelawyer.com
“The Treasury has agreed to reconsider its draft anti money laundering regulations after the European Commission backed a Law Society campaign calling for rules to be relaxed.”
The Times, 4th June 2007
Source: www.timesonline.co.uk
Customer entitled to seek review
Regina (UMBS Online Ltd.) v. Serious Organised Crime Agency and Another
Court of Appeal
“The Serious Organised Crime Agency, a powerful statutory body whose decisions could imperil private and business banking activity on no more than a reported suspicion of money-laundering, should not withhold giving consent to a bank to allow it to operate a customer’s account under section 335 of the Proceeds of Crime Act 2002 without good reason.”
The Times, 15th May 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“Anti-Fraud experts are calling on the Government to start regulating virtual online communities amid fears that criminals and terrorists could use them to launder money.”
Daily Telegraph, 14th May 2007
Source: www.telegraph.co.uk
“The Law Society has stepped in to defend a solicitor’s human rights after the Russian government publicly accused him of embezzlement.”
The Lawyer, 24th April 2007
Source: www.thelawyer.com
“A solicitor has become the first British citizen to be targeted by the Russian authorities in connection with the collapse of Yukos, the oil company.”
The Times, 24th April 2007
Source: www.timesonline.co.uk
“The Government’s draft money laundering regulations are so vague it could be unlawful to prosecute lawyers who may unwittingly fail to comply with them, a leading human rights QC has claimed.”
Law Society’s Gazette, 13th April 2007
Source: www.lawgazette.co.uk
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