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12 September 2013 / Kaley Crossthwaite
Issue: 7575 / Categories: Features , Risk management , Profession
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Beware the regulator!

Kaley Crossthwaite advises how best to protect your firm against the threat of money laundering...& visits from the regulator

Legitimising the proceeds of illegal activity has always been a challenge for criminal organisations. For the unwitting corporate entity, holding and processing funds of uncertain provenance can carry hefty fines and potential incarceration. But is it sufficient to cross your fingers and hope that your business is not targeted and, if you are, to hope that you don’t get caught? Unfortunately these days, that is not enough.

What’s adequate?

Today, the battle against money laundering is as much about being able to demonstrate that money can’t be laundered in your organisation as it is about showing that money isn’t being laundered. Much like the Bribery Act 2010, this means not just providing evidence that money can’t be laundered but demonstrating that the processes in place are adequate to protect against the risk of money laundering. Assessing adequacy is always a challenge and will take into consideration such things as the size of transactions you

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MOVERS & SHAKERS

Carter-Ruck—Tomas Vail

Carter-Ruck—Tomas Vail

Carter-Ruck strengthens International team with appointment of arbitration partner Tomas Vail

Slater Heelis—Nick Terry

Slater Heelis—Nick Terry

Slater Heelis strengthens crime and regulatory team with appointment of Nick Terry as partner

Payne Hicks Beach—Thomas Moran & Sarah Gogan

Payne Hicks Beach—Thomas Moran & Sarah Gogan

Payne Hicks Beach strengthens private wealth offering with appointment of two new partners

NEWS
Construction workers injured in comparable accidents can face sharply different routes to compensation on opposite sides of the Atlantic
Victims of undue influence may have more options than simply unwinding a tainted transaction, with courts able to order profits accounts, compensation and, exceptionally, severance
Disabled people could lose vital safeguards following the Supreme Court’s reversal of the Cheshire West test for deprivation of liberty, two barristers warn
A formidable reputation cannot protect a law firm when partner departures, fragile finances and client uncertainty begin feeding each other
Businesses incorporating open-source software into commercial products could face obligations to disclose valuable source code, with AI-assisted development making licensing risks harder to track
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