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Anti-Money Laundering

An introduction for businesses and their employees on how to avoid becoming inadvertently involved in money laundering or terrorist financing. It concentrates largely on the anti-money laundering (AML) regime applicable in the UK, but also provides an introduction to some of the key concepts of the counter-terrorist financing (CTF) regime.

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The term ‘money laundering’ refers to the use of the financial system to convert the ‘dirty’ proceeds of crime into ‘clean’ funds, the origins of which cannot be traced. It is closely linked with the process of terrorist financing. This publication is an introduction for businesses and their employees on how to avoid becoming inadvertently involved in money laundering or terrorist financing. It concentrates largely on the anti-money laundering (AML) regime applicable in the UK, but also provides an introduction to some of the key concepts of the counter-terrorist financing (CTF) regime, which often overlap.
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Contents

1. Introduction to anti-money laundering

Chapter 1 provides an outline of the money laundering process and looks at the UK anti-money laundering and counter terrorist financing regimes.

2. The key money laundering and terrorist financing offences

Chapter 2 outlines the key money laundering and terrorist financing offences. It also looks at the defences to these, for example that businesses or individuals will not commit offences if they report suspected money laundering to the relevant authorities and obtain consent before entering into transactions.

3. Obligations in the ‘regulated sector’

Chapter 3 looks at companies operating in the 'regulated sector' who are required to take additional steps to prevent and detect money laundering and terrorist financing. It includes their obligations in terms of recognising red flags and reporting concerns to the relevant authorities and at the policies, procedures and systems that should be in place.

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Terms of use

ICAEW members and ACA students can access the publication subject to the conditions set out in the terms of use, copyright statement and disclaimer below.

You are permitted to view, print and download this eBook for your personal use. Unless you have the permission of the copyright owner, you may not re-transmit the publication to anybody else.

Copyright

This publication is the copyright of ICSA Publishing Ltd.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission, in writing, from the publisher. This publication is a general guide and is correct at the time of writing.

Disclaimer

The publication does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not intended to provide legal advice and should not be treated as a substitute for legal advice. Legal advice should always be sought before taking action based on the information provided. The authors bear no responsibility for errors and omissions.

The Institute of Chartered Accountants in England and Wales (as distributor) disclaims all liability for any errors or omissions.

Anti-money laundering

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Martin Saunders and Chris Stott ICSA Publishing Ltd, 2013

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