Are draconian laws causing us to miss a golden opportunity to fight money laundering?

Mansell, Jason
February 2005
Lawyer;2/21/2005, Vol. 19 Issue 7, p13
Trade Publication
This article reports that a robust anti-money laundering (AML) policy lies at the heart of the Government's financial crime and anti-terrorism strategy. The British Government's latest response is to dilute certain Poca requirements through various amendments contained within the Serious Organised Crime and Police Bill currently before Parliament. It is only now that the implications of the AML provisions are being appreciated fully by law enforcement organisations and the regulated sector.The virtuousness of the anti-money laundering provisions within the Poca is their simplicity. The feeling is that only a small percentage of suspicious activity reports (SAR) to the National Criminal Intelligence Service lead to an investigation, and even fewer to prosecution. This leads to the value of the entire system being questioned. Under Clause 97, it will become a criminal offence to make an SAR other than in the form and manner set out by Government, unless the person making the report has reasonable grounds for not doing so.


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