‘Unexplained Wealth Order’ part of proposed AML bill in U.K.


via AML Partners LLC http://bit.ly/2eSnO8S

Would you like a free copy of the latest FATCA, CRS and CDOT rule map?

New in this version:

Latest updates and changes, for example, on the new requirement to issue Client Notifications on or before 31st August 2017

Hyperlinks and QR codes for every citation. This means you can go immediately to any citation with one click

If you would like a free copy email me at: haydon@haydonperryman.com and put “Rule Map” in the subject line.

_________________________________________

Crime Finances Bill for AML/CFT debuts

The British government this week introduced its new Crime Finances Bill to the House of Commons. The bill aims to improve AML/CFT enforcement by such measures as “Unexplained Wealth Orders.”

In a press release, officials describe the proposed legislation as “part of a wider package of measures aimed at strengthening the government’s response to money laundering and improving the amount of criminal assets confiscated by the state and, where possible, returned to victims.”

The bill focuses on improvements in fighting money laundering and corruption, recovering the proceeds of crime, and more effectively countering the financing of terror.

Reporters and AML analysts have long identified London as one of the preferred locations for the purchase of real estate and the parking of proceeds from international corruption. This bill seeks to address those issues by enabling “seizure and forfeiture of the proceeds crime that are stored in UK assets, extending current provisions to include value stored in bank accounts and high-value property, such as precious metals and jewels,” according to the government release.

To bolster that enforcement, the bill also includes creation of “unexplained wealth orders”—a move that would place the onus of validation of the legal source of unexplained wealth on the holder of that wealth.

Another major tenet of the bill is improving the sharing of information between public and private sectors so that law enforcement agencies have “the best possible intelligence.” This includes reform of the Suspicious Activity Report system in order to facilitate more effective investigations of SARs.

The bill also includes provisions for improving the response of law enforcement and responding more effectively to risks of terror financing. The bill will first be considered in the House of Commons.

____________________

SURETY Eco: AML Compliance for An Evolving World

Does your AML Compliance software solution adapt as quickly as the AML Compliance environment changes around you? SURETY Eco, our AML Compliance Ecosystem, is in-house configurable for virtually every change in AML Compliance requirements. Our  “Comply on the Fly” technology can transform the efficiency and effectiveness of your AML/CTF Compliance. To learn about SURETY Eco and its fully integrated CDD/KYC, transaction monitoring with optional 314a, and sanctions screening capabilities, call us today. We will show you how SURETY Eco adapts completely to your unique risk-based approach.

The post ‘Unexplained Wealth Order’ part of proposed AML bill in U.K. appeared first on AML Partners LLC.