The Court of Appeal (Criminal Division) quashed three convictions on the grounds that the prosecution had to prove that the defendants knew, and did not just suspect, that the cash was the proceeds of crime. The prosecution had alleged in substance that the conspirators had concealed, disguised or removed from the jurisdiction bank notes knowing […]

The offence of money laundering under the Proceeds of Crime Act 2002 s.328(1) would only be committed where the property in question was “criminal property” at the time of the relevant arrangement; the appellant, who had knowingly submitting false mortgage applications on behalf of third parties, was not guilty of the offence, because when he […]

Appeal dismissed against finding that a Nigerian bank was not liable for knowing/dishonest assistance in breach of trust. The manager had suspected in a general way that the parties might be involved in money laundering, but did not have suspicions about the two transactions which gave rise to the claim. http://www.bailii.org/ew/cases/EWCA/Civ/2006/1492.html

On January 15, the Basel Committee on Banking Supervision issued final guidance regarding anti-money laundering/counter-terrorism financing (AML/CTF) risk management. http://www.bis.org/publ/bcbs275.pdf The Committee states that the guidelines are consistent with and supplement the 2012International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation issued by the Financial Action Task Force.  http://www.fatf-gafi.org/topics/fatfrecommendations/documents/internationalstandardsoncombatingmoneylaunderingandthefinancingofterrorismproliferation-thefatfrecommendations.html The guidelines […]

The European Parliament has published the opinion of its Committee on Legal Affairs (JURI) relating to the draft Fourth Money Laundering Directive (MLD4) which is intended to replace its predecessor, the Third Money Laundering Directive. The opinion sets out the detailed amendments that JURI considers should be made to the MLD4. View Opinion of the […]

In Lloyds Trust Co (CI) Limited v Fragoso(1) the Royal Court recently clarified the basis on which professional trustees hold trust assets that ultimately derive from the proceeds of bribes received by a settlor. Facts The trust in question was established in 1999. The settlor, Carlos Fragoso, told the trustee, Lloyds, that the moneys settled […]

World Council of Credit Unions has urged the Financial Action Task Force to reduce unnecessary compliance burdens on credit unions by providing increased clarity on the relative risks posed to global anti-money laundering efforts by common retail credit union and banking services. WOCCU’s Jan. 13 comment letter to the Paris-based international organization was written in response to six […]

The Council of the EU has published a presidency compromise proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (Money Laundering Directive), dated 22 November 2013. A copy of the Money Laundering Directive is available. http://register.consilium.europa.eu/doc/srv?l=EN&t=PDF&gc=true&sc=false&f=ST%2016775%202013%20INIT&r=http%3A%2F%2Fregister.consilium.europa.eu%2Fpd%2Fen%2F13%2Fst16%2Fst16775.en13.pdf