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<p>Since 2010, over 9700 people in England and Wales have been successfully convicted
for money laundering offences – most of these are under the Proceeds of Crime Act
2002 (POCA) which provides for various money laundering offences, including where
an individual knows or suspects they may be facilitating money laundering or seeks
to conceal criminal property. The Money Laundering Regulations 2007 and the subsequent
update, the Money Laundering Regulations 2017 (MLRs) focus on ensuring regulated businesses
put in place controls to guard against money laundering or terrorist finance. Supervisors
are appointed by the Treasury to monitor compliance with these regulations and primarily
use a range of supervisory tools to promote compliance, including warning notices,
action plans, financial penalties or withdrawal of the right to practice. The vast
majority of breaches of the MLRs are remedied or penalised using these supervisory
tools. Since 2010 there were over 3,539 fines issued on firms and individuals across
the regime.</p>
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