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‘Money Laundering Regulations 2007’ aims to stop this criminal activity from happening across the UK and from infiltrating companies that are in other countries. Here’s why these regulations regarding money laundering have to be followed and the importance of doing so:
People at all levels in a company have to find out if money is laundered
When a company doesn’t have any employees because it is a Sole Trader, the person who founded it is responsible for informing SOCA. Hiring a nominee officer is not necessary in this situation.
Many sectors are covered by money laundering regulations
Not every sector in society is subject to ‘Money Laundering Regulations 2007’ because there are certain ones which are governed. High Value Dealers, Accountancy Service Providers, Trust or Company Service Providers and Money Service Businesses are the sectors governed by the aforementioned regulations. If a company operates under any of them, it is their legal right to practise due diligence in regards to reporting suspicious activities that could indicate money laundering.
What happens when money laundering is confirmed?
When SOCA confirms that money laundering has taken place, there will be severe implications. Over the course of a trial which can last for several weeks in a court of law that will probably receive considerable media coverage, all of the charges which are brought against claimants will be heard. If laundered money was used for buying assets, these will be stated and made public. When a company was bought with laundered money, it can be shut down and employees will lose their job. Any other assets, such as cars and real estate, will be seized and cannot be returned to its original owner because it was purchased through money made by criminal activities. After a case has been heard in a court of law, a judgement could be passed which sentences those who were responsible to jail. Although custodial sentences might be passed, money launderers are often given a prison sentence for several years but each case is entirely different.
By following this anti-money laundering guidance, an organisation of any size will be able to abide by ‘Money Laundering Regulations 2007’. When the relevant authorities are informed that money might have been laundered, those who are breaking the law are prevented from doing so again in the future.
This post was brought to you by http://www.moneylaunderingcompliance.com . For more information on Money Laundering Compliance, contact them today.
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