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Money Laundering Regulations

Money laundering regulations – making ownership, use or disposition of money or other property obtained through the commission of a crime, that is their translation of the shadow, the informal economy into a formal order to be able to use these funds openly and publicly. In official documents referred to as „the legalization (laundering) of money or other property obtained by criminal means.”

Laundering occurs when hiding the true source of income, the substitution of formal transactions, distorted economic sense, while at the initial stage of money laundering can be tampered with documents used documents of third parties, for the final legalization of laws rules used bona fide purchasers, and many others.

To make sure your business is not attacked by criminals and terrorists to launder money, you have to use other controls.
Money laundering include terms such as:

  • Tax evasion,
  • Evasion of international sanctions,
  • Abuse of the financial system.

Combating money laundering regulation:

Combating money laundering is a major challenge to protect the UK financial system .
In the creation of an effective system for combating money laundering is a major factor the need for interaction between the following authorities :

  • the legislature,
  • executive authorities or ministries,
  • the judiciary,
  • law enforcement agencies , including the police , customs , etc.,
  • financial intelligence units,
  • regulatory authorities,
  • including the central bank,
  • other financial institutions,
  • designated non-financial organizations and individuals.

If the business complies with the rules , he should be under the supervision of one of the supervisory authorities . This can be monitored by , for example:

  • The Financial Services Authority,
  • professional organization.

You should also report any suspicious activity to the Agency of Serious Organized Crime. Many regulatory and governmental authorities give estimates each year for the amount of money laundered , the world or within their national economy.But if it’s not, and your business falls into one of four designated business sectors, you’ll probably need to register with HM Revenue & Customs (HMRC).

If you require any advice – please Contact Us.

See information also about:

Various business case studies,

ICD Fiduciaries services,

Who can use an offshore company.

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