Property professionals could face jail sentences if they don’t comply with the new Money Laundering Regulations 2003.
The regulations, together with amending orders for the Proceeds of Crime Act 2002 and the Terrorism Act 2000, effectively complete the UK’s implementation of the Second EC Money Laundering Directive 2001/97/EC, and will come into force from 1 March 2004.
Charles Ward, in his article Bulwarks in the fight against crime Estates Gazette 21 February 2004, p130, discusses the recent changes in money laundering laws, and highlights the obligations placed on professionals under the new regime. He says that professionals are now seen as “gatekeepers”, who can either facilitate or block the entry of “dirty money” into the system, and warns that mistakes may result in a criminal prosecution, disciplinary action, civil liability and loss of reputation.
Related articles:
- Dirt’s in danger Estates Gazette 31 January 2004, p144 (Neil Tofield).
- Keep it clean Estates Gazette 15 November 2003, p122 (Gary Murphy).
Property professionals could face jail sentences if they don’t comply with the new Money Laundering Regulations 2003.
The regulations, together with amending orders for the Proceeds of Crime Act 2002 and the Terrorism Act 2000, effectively complete the UK’s implementation of the Second EC Money Laundering Directive 2001/97/EC, and will come into force from 1 March 2004.
Charles Ward, in his article Bulwarks in the fight against crime Estates Gazette 21 February 2004, p130, discusses the recent changes in money laundering laws, and highlights the obligations placed on professionals under the new regime. He says that professionals are now seen as “gatekeepers”, who can either facilitate or block the entry of “dirty money” into the system, and warns that mistakes may result in a criminal prosecution, disciplinary action, civil liability and loss of reputation.
Related articles:
Dirt’s in danger Estates Gazette 31 January 2004, p144 (Neil Tofield).
Keep it clean Estates Gazette 15 November 2003, p122 (Gary Murphy).
