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Anti-Money LaunderingThe UK’s SARs Regime on ML

Anti-Money Laundering: The UK’s SARs Regime on ML [This Chapter is pivotal in terms of the UK’s AML system since it examines the SAR requirements, which are imposed on reporting entities. One of the principal objectives of the SAR requirements is to protect the reputation and integrity of the financial system. The SARs system aims at preventing and detecting ML activities or at least mitigating its consequences by prohibiting the use of illicit proceeds. The main objective of the current Chapter is to critically analyse the legal basis for SARs and the types of disclosure, which are required under the SARs regime and the complicated requirements, which can, in practice, overlap with each other. The required, authorised and protected disclosures are evaluated to appreciate the legal consequences. In case of non-compliance, one of the three offences of failing to report SARs can be committed, namely the second group of ML offences contained in Part 7 of the POCA 2002.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Anti-Money LaunderingThe UK’s SARs Regime on ML

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Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act.
ISBN
978-1-137-59454-9
Pages
243 –279
DOI
10.1057/978-1-137-59455-6_8
Publisher site
See Chapter on Publisher Site

Abstract

[This Chapter is pivotal in terms of the UK’s AML system since it examines the SAR requirements, which are imposed on reporting entities. One of the principal objectives of the SAR requirements is to protect the reputation and integrity of the financial system. The SARs system aims at preventing and detecting ML activities or at least mitigating its consequences by prohibiting the use of illicit proceeds. The main objective of the current Chapter is to critically analyse the legal basis for SARs and the types of disclosure, which are required under the SARs regime and the complicated requirements, which can, in practice, overlap with each other. The required, authorised and protected disclosures are evaluated to appreciate the legal consequences. In case of non-compliance, one of the three offences of failing to report SARs can be committed, namely the second group of ML offences contained in Part 7 of the POCA 2002.]

Published: Jul 9, 2016

Keywords: Money Launderer; Criminal Liability; Require Disclosure; Regulate Sector; Reasonable Ground

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