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The Money Laundering Regulations 2007 (HM Treasury, 2007)
In the UK, there has been a long-standing obligation to have effective procedures in place to detect and prevent money laundering as well as terrorist financing. The Money Laundering Regulations 2007, which came into force on 15 December 2007, replaced previous Regulations passed in 2003 and reflects the implementation in the UK of the EU Third Money Laundering Directive. The 2007 Regulations set out firms’ obligations to conduct Customer Due Diligence (CDD) measures in a more detailed form than previously. The new regulations also affect a significantly larger amount of businesses, and require them to do substantially more, than the 2003 rules that they replace.
Money Laundering Regulations 2007: Regulatory Impact Assessment (July, 2007)
A PDF file of a final Regulatory Impact Assessment for the Money Laundering Regulations 2007 (HM Treasury, 2007).
Joint Money Laundering Steering Group
The Joint Money Laundering Steering Group is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promulgate good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. This is primarily achieved by the publication of industry guidance.
Joint Money Laundering Steering Group (JMLSG) Guidance Notes
Prevention of Money Laundering/Combating the Financing of Terrorism - Guidance for the UK Financial Sector.
CIFAS is the UK’s Fraud Prevention Service with 270 Members spread across banking, credit cards, asset finance, retail credit, mail order, insurance, savings and investments, telecommunications, factoring, and share dealing.
Home Office Identity Fraud Steering Committee
The Home Office Identity Fraud Steering Committee, a collaboration between UK financial bodies, government and the police to combat the threat of identity theft, has created this website to help consumers protect themselves, advises what to do if it happens to you and suggests where to get further help.
APACS, the UK Payments Association, is the trade body that gives banks, building societies and card issuers a forum where they can work together on non-competitive issues.
Fraud - The Facts 2007 (APACS, 2007)
The definitive overview of payment industry fraud and measures to prevent it (APACS, 2007).
All Party Parliamentary Group Report Into Identity Fraud (October, 2007)
The All Party Parliamentary Group report into identity fraud may serve as a useful resource, including recommendations which will help to make a real difference in the fight against identity fraud.
Fraud Review - Fighting Fraud together (The Attorney General's Office, 2007)
The UK Government’s response to growing pressure to step up the fight against fraud.
Gambling Commission – Licence Conditions & Code of Practice
All UK based gambling companies have to adhere to these principles as a condition of Licence.
A new global responsible gambling code of conduct to address online gambling procedures was launched on 3 October 2007 at the industry’s EiG conference in Barcelona. The code is designed to act as a set of minimum standards throughout the industry and, it is hoped, increase levels of protection for players. To read the full article please click here (GamCare, 2007).
Forth Annual UK Online Fraud Report (CyberSource, 2008)
CyberSource's annual Online Fraud Report could be regarded as the most comprehensive study of online retail fraud in the UK over the last twelve months. It compares consumers’ responses with the experience of merchants to provide a more detailed view of the impact of online fraud, and the industry’s attempts to combat it.
CyberSource has gathered the views of 165 UK-based businesses, including their operations, their experiences with fraud and how they defend themselves against crime.
Online Shopping set to exceed £5 Billion in December (APACS, 2007)
Contains information about the latest trends in online shopping, including an online shopping advice guide issued to help consumers stay safe.
This practice note is to help solicitors comply with the Proceeds of Crime Act 2002, Terrorism Act 2000 and Money Laundering Regulations 2007. It also details good practice. The 2007 regulations entered force on 15 December 2007.