Research Handbooks in Financial Law series
Edited by Barry Rider
Chapter 39: Money laundering and the consent regime in the United Kingdom – time for change?
This chapter examines one particular aspect of the anti-money laundering framework in the United Kingdom which has proved problematic in practice. It focuses on the part of the anti-money laundering framework which requires, in appropriate circumstances, the making of suspicious transaction reports coupled with the need to obtain consent to proceed with transactions. It also considers the potential problem of tipping off after a report has been made. It then considers whether this rather complex and cumbersome regime is actually making an effective and balanced contribution to the fight against organised crime and money laundering. Although the focus of the chapter is on the current position in the UK, it is necessary to study the development through the various international efforts, in particular by first of all examining the pioneering work of the Financial Action Task Force on Money Laundering in issuing its Recommendations in relation to making suspicious activity reports. This will then be followed by an exploration of developments at the European Unionlevel in response to the FATF Recommendations. The position the UK will then be examined. As will be seen later in the chapter, what is in place is a complicated anti-money laundering framework which is no longer concerned simply with banks and other financial service providers, but also with a wide range of professionals such as lawyers and accountants, as well as other types of businesses such as bureaux of exchange and even casinos.
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