Finance Law

The first 200 words of this essay...

The money laundering legislation the United Kingdom mainly contained in two principle forms of legislation which are the Proceeds of Crime Act 20021 (PoCA) and the Money Laundering Regulations 2003.

The Money Laundering Regulations 2003 were made in order to prevent the use of the financial system for the purposes of money laundering. The Regulations give effect to EEC Council Directive 91/308 on prevention of the use of the financial system for the purpose of money laundering2, as amended by European Parliament and Council Directive 2001/97/EC3. They came into force as follows; regulation 10 in so far as it relates to a person who acts as a high value dealer, on 1st April 2004, regulation 2(3)(h)4, on 31st October 2004; regulation 2(3)(i)5, on 14th January 2005; all other regulations, on 1st March 2004. The regulations have identified a number of professions which fall within the "Regulated Sector,' they encompass a wide range of professions including auditors, banks, insurers, tax advisors, estate agents and stockbrokers. In recent years, there is evidence suggesting that firms of accountants and even solicitors have actually assisted criminals in money laundering.

Only persons carrying on "relevant business" are affected by the Act. A relevant business