Money Laundering Compliance 4th Edition by Tim Bennett 1526525976 9781526525970

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ISBN 10: 1526525976 

ISBN 13: 9781526525970

Author: Tim Bennett

What is Money Laundering (‘ML’)? How has the definition of ML expanded in recent years? Where does AML law and regulation come from? When must I report any ‘suspicion’? Money Laundering Compliance is designed as a detailed reference source both on legal and technical details, as well as practical and procedural points. It provides a technical and practical overview of AML/CFT provisions in the UK and other key international jurisdictions including: – Bahamas – Bermuda – Cayman Islands – Guernsey – Isle of Man – Jersey – Singapore – Switzerland – United States The Fourth Edition has been completely revised in line with recent legislation and case law, with other key areas of change including: – The impact of Brexit on the UK’s position vis-a-vis EU Law, and in particular in relation to the EU Money Laundering Directives covering AML/CFT matters – ‘Economic Substance’ requirements in key jurisdictions – A new chapter on FinTech, the host of AML/CFT RegTech websites/Mobile Apps, and the introduction of new methods of CDD verification – A new chapter on crypto assets and regulation – Current sanctions against defined Russian Oligarchs – The general prohibition against the provision of trust and company services to certain ‘Russian-connected’ trusts This essential resource ensures that finance professionals, private bankers, lawyers, trust and estate practitioners, regulators, compliance officers and other advisers remain up to date with this increasingly complex and crucial area of law. This title is included in Bloomsbury Professional’s Banking and Finance online service.

Table of contents:

Chapter 1 Introduction; the Core Principles, and towards a cashless society
The core principles
The UK perspective
Tax evasion
The international context
Professional sectors
The work of the Financial Action Task Force (‘FATF’)
Basel AML Index 2022
Towards a ‘cashless society’?
Electronic money

Chapter 2 The UK AML/CFT framework – background
Legislative history
Measures against drug trafficking
The Criminal Justice Act 1988 and the Criminal Justice Act 1993: extension to other serious crimes
The Proceeds of Crime Act 2002
The Serious Organised Crime and Police Act 2005
The Serious Crime Act 2007
The Sanctions and Anti-Money Laundering Act 2018
The Financial Services Act 2021 – Post-Brexit measures
The Global Anti-Corruption Sanctions Regulations 2021, SI 2021/488 (‘the Regulations’)
The Economic Crime (Transparency and Enforcement) Act 2022 (the ‘ECTEA 2022’)
The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022, SI 202
The EU initiatives

Chapter 3 The UK AML/CFT framework – the principal UK ML offences
Introduction and background
The principal offences
The four elements
Predicate offences
Penalties
Defences
Latest statistics

Chapter 4 The UK AML/CFT framework – failure to disclose and tipping-off
Failure to disclose/failure to report
Tipping-off (prejudicing an investigation)
Reporting
Civil injunctions

Chapter 5 The UK AML/CFT framework – tracing, asset recovery and forfeiture
Assets Recovery Agency (‘ARA’)
The NCA
Confiscation
Civil recovery and ‘recovery order’
Recovery of cash
Criminal lifestyle
Unexplained wealth orders (‘UWOS’) and the Criminal Finances Act 2017
The CFA 2017, s 45: failure of relevant bodies to prevent tax evasion facilitation offences by assoc
Freezing and confiscation of the proceeds of crime
Comments
Tracing
Piercing the corporate veil

Chapter 6 The UK AML/CFT framework (Money Laundering Regulations 2017; JMLSG Guidance; UK Beneficial
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation
Scope and definitions
Beneficial owner
Countries and jurisdictions
FSMA (FSA) and FCA
The Joint Money Laundering Steering Group Guidance for the UK Financial Sector 2020 (Revised Version)
Enhanced CDD in relation to high risk jurisdictions/countries
‘UBO’ Registers for companies and the UK PSC Register
‘UBO’ Registers for trusts/trust registration and the UK TRS
Training
Training resources, courses and qualifications

Chapter 7 The UK AML/CFT framework – technical issues
‘All crimes’ offences
Territorial limits and ‘dual criminality’
Proceeds
Time limits and retrospectivity
‘Knowledge’, ‘suspicion’ and ‘reasonable grounds’

Chapter 8 Fiscal offences, foreign tax enforcement, ‘legacy’ issues, FATCA and Amnesty Programme
Historical background
CAMDEX 1997
Fiscal offences
‘Other serious crime’
The all-crimes approach
Fraudulent evasion of income tax
Foreign tax evasion
Suspicion
Practical difficulties
Countries that include fiscal crime in money laundering
Other legal and technical issues relating to fiscal offences being AML/CFT offences
Wider issues affecting international private bankers
Older legacy issues
The Foreign Account Tax Compliance Act (FATCA) and US issues
Risks for bankers
Amnesties/disclosure facilities and disengagement
‘Whistleblowing’ and its rewards
‘Swissleaks’ and ‘the Lagarde list’
Data leaks, theft and penetration

Chapter 9 EU Initiatives: the Money Laundering Directives and the Directives on Administrative Cooperation
Introduction
The first Money Laundering Directive of 1991 (‘1MLD’)
Extension of 1MLD: the second Money Laundering Directive 200 (‘2MLD’)
The third Money Laundering Directive (EU Directive 2005/60) (‘3MLD’)
Response from UK professional
Beneficial owner
Reliance on third parties
Licensing of TSPs and CSPs
Feedback channels
Directive 2006/70 on PEPs
The fourth Money Laundering Directive (EU Directive 2015/849) (‘4MLD’)
The fifth Money Laundering Directive (EU Directive 2018/843) (‘5MLD’)
The sixth Money Laundering Directive (EU Directive 2018/1673) on combating money laundering by criminal
Amendments to 6MLD and related new regulation creating AMLA
The EU Directives on Administrative Cooperation (‘the DACs’)
Additional EU initiatives
The impact of Brexit on these initiatives
Financial Intelligence Units (‘FIUs’) and The Egmont Group
Bribery and corruption

Chapter 10 Tax transparency, Data Leaks, Theft and Penetration, TIEAs, OECD Automatic Exchange of Information
Data leaks, theft and penetration
The 2008 economic crisis
The US-Swiss initiative (the PFSB)
TIEAS
FATCA
The OECD Multilateral Convention on Mutual Assistance in Tax Matters (automatic exchange of information
The model CAA and the Common Reporting Standard (‘CRS’)
How the CRS works and CRS forms
The MCAA on the automatic exchange regarding CRS avoidance arrangements and opaque offshore structures
Seizure of information
Has the CRS had any effect?
Enter the United Nations …?

Chapter 11 Customer Due Diligence (CDD); compliance and the ‘risk-based approach’; PEPs
Customer due diligence – introduction
CDD requirements
Onboarding: identifying the customer, verifying customer identity and what it entails
Different types of ‘customer’
Proof of identity (‘POI’)
Proof of residence (‘POR’) (‘Address verification’)
‘Residence’
Who can certify? – the concept of ‘approved certifiers’
Source of wealth; source of funds, and destination of funds
Verification issues on source of wealth and source of funds
A worked example
Gold plating vs the ‘risk-based approach’
Ensuring compliance
Potentially exposed persons (‘PEPs’) and enhanced due diligence
Databases (overview only)
Economic substances initiative (overview only)
Conclusions

Chapter 12 AML/CFT RegTech: new forms of CDD verification (websites and mobile apps); databases; e-training
AML/CFT RegTech – introduction
Wiley abstract
New forms of CDD verification: electronic identification and verification (EID&V’) websites and mobile apps
New forms of CDD verification: government websites
Private databases
Access to RegTech resources
Risks
Costs
E-Training
Conclusions

Chapter 13 SAR reporting procedures and dealing with the client; fines for getting it wrong
Introduction: the MLRO
Suspicious transactions and client reporting
The reporting process and procedures – internal
The reporting process and procedures – external
DAML, consent or no consent
Conflict of interest
Confidentiality of an SAR and indemnity
False reporting
Reporting statistics
Fines

Chapter 14 Legal and accountancy professionals and practitioners – specific issues
Introduction
Professional body guidance
Law Society and Solicitors Regulation Authority (‘SRA’)
OPBAS
The duty of confidentiality and legal professional privilege (‘LPP’)
DAC6
The Economic Crime (Transparency and Enforcement) Act 2022
Accountants’ professional privilege and confidentiality – general position
P v P
Confidentiality issues, conflict of interest and reporting – Bowman v Fels and after
Client care letters, LPP and reporting
Constructive trust issues
3MLD and the old MLR 2007
4MLD and solicitors’ client accounts
SARs, fraud allegations and ‘freeze orders’
The Law Society: Solicitors Regulation Authority Report 2021-22 (published October 2022)
The IBA International Anti-Money Laundering Forum and the Anti-Money Laundering Legislation Implementation
Other supranational issues

Chapter 15 CSPs: corporate beneficial ownership/PSC Registers; and FATF Recommendation 24
Introduction
UK applicability
Applicability outside the UK
‘Core CDD’: proof of identity/proof of residence (and verification)
Additional CDD
‘Approved certifiers’
CSPs: appointment of first directors
CSPs: mandate provisions to deal with AML/CFT and reporting
Registers of persons of significant control (‘PSCs’ and PSC registers) and company UBO registers
Corporate beneficial ownership registers/company UBO registers
FATF’s revisions to Recommendation 24 and its interpretative notes (dated 4 March 2022)
Update following the ECJ Ruling of 22 November 2022 (Joined Cases C-37/20 and C-601/20) on an Article
CSP industry issues
The Jason Sharman case study (2012)
Economic substance
Blacklisted jurisdictions?
Bans on trust and corporate formation services post the invasion of Ukraine

Chapter 16 Trustees, Executors and TSPs– specific issues (including FATF Recommendation 25 and Trusts)
Introduction and FATF Recommendation 25
‘Core CDD’ on trusts: proof of identity/proof of residence
Regulation of TSPs
TSPs: reporting by trustees and mandate provisions to deal with AML/CFT and reporting
Public registers of ‘controllers’ of trusts/trust registers and trust ‘UBOs’
AML/CFT enforcement actions against trusts and underlying companies
Executors and probate
Constructive trust issues
Common failings,

de-risking and asset flows through legal schemes
Trust registration and the TRS
The latest economic sanctions regime
Impact of recent sanction legislation on TSP’s
Key case law on TSPs
Specific cases of TSP liability or failures
FATF case study

Chapter 17 The role of the bank and the financial services sector in AML/CFT (including the FATF)

17.1 Examples of Fines and Penalties against Banks/Financial Institutions
Appendix 18 Virtual/ Crypto currencies/assets; VASPs; AML/CFT aspects; post-FTX Exchange collapse
18.1 Virtual Assets Global Standards (FATF, 2019)
18.2 Guidance for a Risk-Based Approach: Virtual Assets and Virtual Asset Service Providers (FATF, O
18.4 OFAC’s Compliance Guide for the VC Industry
Appendix 19 AML in some selected non-UK Jurisdictions: Company SC UBO Registers, Trust Registers, an
The Bahamas
Bermuda
Cayman Islands
Guernsey
Isle of Man
Jersey
Singapore
United States of America
Appendix 20 Bribery & Corruption; Russian/ Oligarch Sanctions Lists (OFAC, EU, OFSI etc)
20.1 Wolfsberg Anti-Bribery and Corruption (‘ANC’) Compliance Programme Guidance (2017)
20.2 FATF Statement on Corruption
20.3 Transparency International: CPI
20.4 Due Diligence & Sanctions Questionnaire
20.5 Sanctions Confirmation
Appendix 21 Further reading

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Tags: Tim Bennett, Money, Laundering, Compliance