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Policy update | NCA New glossary codes | Proceeds of crime report

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24 August 2016

Welcome to the August AML update

In this edition we have a policy update providing commentary on the implications of Brexit on anti-money laundering (AML) policy, the response to the government's AML/counter-terrorist financing Action Plan consultation and the latest from Brussels, including the recently published amendments to the 4th EU money laundering directive (4MLD) which take a hostile stance on trusts.

In the news section we cover new National Crime Agency (NCA) forms on consent and revised glossary codes, the amending EU directive to 4MLD and the Home Affairs Select Committee's recent report on the proceeds of crime.

We also have our regular Launderers in the news and Disciplinary digest features.


News

Policy update

AML policy adviser Scott Devine provides an update and analysis on developments in the UK and abroad.
Read more

NCA: New guidance for seeking consent under POCA or TACT

The NCA has issued a notification of the changes in requesting a defence (also known as consent) under the Proceeds of Crime Act (POCA) or the Terrorism Act 2000 (TACT) which took effect from 18 July.

The guide to requesting a defence under POCA or TACT is intended to inform reporters of the approach to seeking a defence when submitting a suspicious activity report (SAR).
Read the notification letter
Download the guide to requesting a defence under POCA or TACT

NCA: New glossary codes and clarification of reporting routes

The NCA has published documents relating to the planned transition to new glossary codes from 1 September and clarification of reporting routes.

A UK Finance Intellegence Unit helpdesk for any queries regarding the new glossary codes will be available during September from Monday to Friday, 10:00 to 16:00, on 0121 345 5464, or email sarsdataexploitationteam@nca.x.gsi.gov.uk.
Read the letter providing the background and the reasons for the changes
Download the guide to glossary codes and reporting routes

Commons Home Affairs Committee releases report on proceeds of crime

In January 2016 the Home Affairs Committee launched an inquiry to look into how effectively confiscation orders were working. The resultant report, released in July, shows that the scope of the inquiry was subsequently widened to include a critique of most aspects of the UK AML/CFT regime.
Read the report

Launderers in the news

Our regular round-up of those hitting the headlines for money laundering in the last few months.
Read more

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In practice

Disciplinary digest

Our summary of recent decisions from the Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements.
Read more

How to complete an NCA consent request

The Law Society's Money Laundering Task Force has drafted guidelines for UK solicitors on completing a consent request. The guidance is a result of discussions held between the Law Society and the NCA regarding common reporting errors and the complexity of NCA guidance in this area.
Read more

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Events and training


Anti-money laundering and financial crime conference 2016: AML under the microscope

Major changes in financial crime and AML compliance lie ahead in the coming years, meaning the Law Society's Financial Crime and AML Conference is an event not to be missed. This year's conference will be held in London on Wednesday 30 November.
Read more and book your place

Sponsors:
Accuity
Experian

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The Law Society, 113 Chancery Lane, London, WC2A 1PL. Tel: 020 7242 1222

Scott Devine is the Law Society's anti-money laundering policy adviser.

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