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Anti-Money Laundering Policy

Relevant Legislation

3.1 Fraud is defined in the Fraud Act 2006 which came into effect from 15 January 2007. There are three basic types of fraud:

  • False representation;
  • Failing to disclose information; and
  • Abuse of position

A person can be found guilty even if there is no victim of the crime; all that needs to be proven is the intent to make a gain or cause a loss by the accused.

3.2 The Proceeds of Crime Act 2002 (as amended by the Serious Organised Crime and Police Act 2005) make it a criminal offence to fail to disclose knowledge of or suspicion of money laundering with three main offences of:

  • Concealing - knowing or suspecting a case of money laundering but concealing or disguising its existence
  • Arranging - becoming involved in an arrangement to launder money or assisting in money laundering
  • Acquisition - use or possession: benefiting from money laundering by acquiring, using or possessing the property concerned

3.3 The Terrorism Act 2000 made it an offence of money laundering to become concerned in an arrangement relating to the retention or control of property likely to be used for the purposes of terrorism or resulting from acts of terrorism.

3.5 The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 set out the additional obligations of organisations working in areas of higher money laundering risk.

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