Money laundering is a general term used to describe the process by which criminals disguise or ‘launder’ the original ownership and control of the proceeds of criminal conduct by making it appear that those proceeds come from a legitimate source. Money laundering also includes money that is used to fund terrorism.
There are a number of Anti-Money Laundering Regulations and Acts of Parliament which apply. There is also EU law in the form of Directives which apply to the UK. The current Regulations can be found here.
Every business covered by the money laundering regulations must be supervised by a supervisory authority. CILEx became a supervisory authority in 2015 which means that on their behalf, any businesses regulated by CILEx Regulation will also need to understand and comply with anti-money laundering obligations. CILEx’s Guidance can be found here.
We’ve produced a quick and easy guide to help you make a start. You can read it here.