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money laundering again!

money laundering again!

Simple question but different people have different answer with different reasons - what do others think - yes or no?
Alastair Harris


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07th Nov 2005 18:59

The full question?


Was that the full question?

Could it be that there was an underlying assumption that the poor s*d in question had received no anti-money laundering training?

If he had no appropriate training and no suspicion then he would not commit an offence - see section 330(6)(c) and (7).

However in this event his employer would be liable to prosecution and imprisonment for breach of regulation 3(1)(c) of the Money Laundering Regulations 2003.


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07th Nov 2005 14:20

A hypothetical question, I hope!


If you are saying that the thought of money laundering never crossed your mind until you now find yourself seated in a small windowless room with two burly coppers and a tape recorder then . . . well I hope you brought your toothbrush and pyjamas!

On the other hand, if you gave serious consideration to money laundering at the time; reviewed all the evidence; came to the conclusion that there was evidence which was more than sufficient to rebut whatever evidence there was which had suggested there might have been money laundering; made a full file note at the time of the evidence for and against, your own thoughts and feelings, and your decision that a report was not required; sent a copy of the file note to your MLRO and obtained his written confirmation that he thought your view was reasonable; then you ought to be OK.

In practice, if you realise late in the day (even after it is all over) that you ought to have made a report to NCIS then make that report now. Better late than never!

The legal position in section 330 Proceeds of Crime Act 2002 is that there is both a subjective test (you must report if you suspect) and an objective test (you must report if information comes to you which gives reasonable grounds to suspect). If either condition is satisfied a report is required (unless one of the exemptions applies).

If you are an MLRO you can get confidential one-to-one email support, information and NewsAlerts from my website

[email protected]

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07th Nov 2005 15:37

hypothetical indeed
thanks David and John for the comments.

indeed it is a very hypothetical question. I work in financial services, and it is one of a set of questions that forms part of a refresher exercise. My reason for posting it is that the answer I gave (yes I have committed an offence) differs from the official answer, and I was interested in garnering the views of others.

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07th Nov 2005 13:06

Not an Expert
I don't profess to be an expert on the subject, but I would say that if the information available to you at the time did not present enough evidence to make you (or any other reasonable person) suspect money laundering then you should be OK. However if you haven't already done so, I would report it now.

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