Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.

Chapter 39: Money laundering and the consent regime in the United Kingdom – time for change?

Andrew Campbell and Elise Campbell

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law


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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