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The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
The Money Laundering Regulations 2007 (in force from 15 December 2007) and the Proceeds of Crime Act 2002 impose a number of obligations on law firms in the United Kingdom as part of the UK Government's measures to combat money laundering and the financing of terrorism. This legislation is intended to provide a comprehensive system of client identification procedures, record keeping and mandatory reporting.
Upon taking instructions from a new client we are required to identify both our client and (if relevant) the ultimate beneficial owner of our client, and to verify that identity in a number of ways. We may need your assistance to satisfy these requirements and we will not be able to act for you if we cannot comply with these obligations.
UK (and other where relevant) legislation may also place us under a legal obligation, in certain circumstances, to disclose confidential information we have about you and your affairs to law enforcement authorities. We will, of course, ensure that we only report information that we are obliged to report as a matter of law. We may not be able to inform you of the report we have made unless and until permitted to do so by the law enforcement authorities.
