2.50
Hdl Handle:
http://hdl.handle.net/2436/51153
Title:
Money laundering: from failure to absurdity
Authors:
Haynes, Andrew
Abstract:
Purpose – The purpose of this paper is to examine the UK law relating to money laundering in the aftermath of the three statutory instruments that came into effect in December 2007. In particular the suitability and impact of the law is considered. Design/methodology/approach – The method adopted is to analyse the current content of the law and consider whether the approach utilised in its drafting will result in the aims behind the law being achieved. Findings – The result of this analysis is to conclude that the law as drafted is not designed in a way that can be effectively applied and that in addition the entire approach is flawed. In particular there are five key areas where problems arise: there is a requirement to report suspicion or knowledge of criminal offences or proposed terrorist acts but not other proposed criminal offences; the requirement to report only relates to information that comes into the reporter’s possession in the course of their trade or profession; the 2007 Regulations create requirements that many of those on whom they are imposed will not be able to effectively apply; the new s.333A appears to limit the offence of tipping off to the regulated sector but will not work as drafted; and in addition there are clear human rights issues associated with the overall regime. Originality/value – This original and topical paper explains the law as it now exists and provides analysis of its impact and undoubted failings.
Citation:
Journal of Money Laundering Control, 11(4): 303-319
Publisher:
Emerald Group Publishing Limited
Journal:
Journal of Money Laundering Control
Issue Date:
2008
URI:
http://hdl.handle.net/2436/51153
DOI:
10.1108/13685200810910385; 10.1108/13685200810910385
Additional Links:
http://www.emeraldinsight.com/Insight/viewContentItem.do?contentType=Article&contentId=1752269; http://www.ingentaconnect.com/content/mcb/jmlc/2008/00000011/00000004/art00002
Type:
Article
Language:
en
ISSN:
1368-5201
Appears in Collections:
Legal Studies Research Group

Full metadata record

DC FieldValue Language
dc.contributor.authorHaynes, Andrew-
dc.date.accessioned2009-02-25T18:00:46Z-
dc.date.available2009-02-25T18:00:46Z-
dc.date.issued2008-
dc.identifier.citationJournal of Money Laundering Control, 11(4): 303-319en
dc.identifier.issn1368-5201-
dc.identifier.doi10.1108/13685200810910385-
dc.identifier.doi10.1108/13685200810910385-
dc.identifier.urihttp://hdl.handle.net/2436/51153-
dc.description.abstractPurpose – The purpose of this paper is to examine the UK law relating to money laundering in the aftermath of the three statutory instruments that came into effect in December 2007. In particular the suitability and impact of the law is considered. Design/methodology/approach – The method adopted is to analyse the current content of the law and consider whether the approach utilised in its drafting will result in the aims behind the law being achieved. Findings – The result of this analysis is to conclude that the law as drafted is not designed in a way that can be effectively applied and that in addition the entire approach is flawed. In particular there are five key areas where problems arise: there is a requirement to report suspicion or knowledge of criminal offences or proposed terrorist acts but not other proposed criminal offences; the requirement to report only relates to information that comes into the reporter’s possession in the course of their trade or profession; the 2007 Regulations create requirements that many of those on whom they are imposed will not be able to effectively apply; the new s.333A appears to limit the offence of tipping off to the regulated sector but will not work as drafted; and in addition there are clear human rights issues associated with the overall regime. Originality/value – This original and topical paper explains the law as it now exists and provides analysis of its impact and undoubted failings.en
dc.language.isoenen
dc.publisherEmerald Group Publishing Limiteden
dc.relation.urlhttp://www.emeraldinsight.com/Insight/viewContentItem.do?contentType=Article&contentId=1752269en
dc.relation.urlhttp://www.ingentaconnect.com/content/mcb/jmlc/2008/00000011/00000004/art00002-
dc.subjectMoney launderingen
dc.subjectUKen
dc.subjectFinancial regulationen
dc.subjectCriminal lawen
dc.titleMoney laundering: from failure to absurdityen
dc.typeArticleen
dc.identifier.journalJournal of Money Laundering Controlen
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