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In this paper, I will scrutinize the obligations to report knowledge or suspicions of possible money laundering activities to financial intelligence authorities, as well as the various issues arising from the available disclosure mechanisms.
Where there are suspicions of criminal property, there is a high risk of money laundering, the activity through which the illegal origins of criminal proceeds are concealed or disguised, and an offence under the Proceeds of Crime Act 2002. The Money Laundering Regulations 2007 – which apply to any regulated financial or credit institution - place a general obligation on firms within its scope to establish adequate and appropriate policies and procedures to prevent money laundering.
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- João Cruz Ferreira (Autor:in), 2016, Fraud and Financial Crime. How to proceed when a bank employee suspects that funds received into a client’s account may be the proceeds of a crime, München, GRIN Verlag, https://www.grin.com/document/351611
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