Money Laundering Regulations 2003 - Reasonable Grounds for Suspecting
Mondaq Business Briefing › United Kingdom Law Articles in English (2004)
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Money Laundering Regulations 2003 - Reasonable Grounds for Suspecting
The UK Proceeds of Crime Act 2002 requires a person in the regulated sector (which from 1 March 2004 includes most lawyers and all accountants and tax advisers) active in the UK to make a report, effectively to his Money Laundering Reporting Officer (MLRO), if, based on information or other matter which comes to him in the course of a business in the regulated sector, "he knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in money laundering" (Section 330). This requirement is subject to certain exceptions and to legal professional privilege, as described in the Section.
Where such a report is made as soon as is practicable after the information or other matter is received, then the report is not to be taken to breach any restriction on the disclosure of information (however imposed) and so the person making the report will not be liable to a claim for damages (or disciplinary action) for breach of confidence (Section 337).Only persons in the regulated sector are required to make reports based merely on "reasonable grounds fo...See the full content of this document
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