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Over the past two years, an enormous amount of information has been released on anti money laundering.
If you are studying CIMA, you may need to demonstrate a general knowledge and understanding of UK Money Laundering Regulations 2007 in your answers to some questions - especially in case studies. This might include Customer Due Diligence (CDD), taking on specific training and keeping records. You can find out more about these issues.
What is money laundering?
Money laundering is converting criminally-obtained cash into another asset form to conceal its origin. Examples of where money laundering can occur include drug trafficking, robbery, terrorism, tax-related offences, corruption, offences under the Theft Act, child pornography and people trafficking.
Knowledge or suspicion of any of these offences is reportable.
Suspicious activities
Students should be aware that they may need to consider reporting suspicious activities to the Serious Organised Crime Agency (SOCA). In many firms and some companies, a senior staff member is appointed as a money laundering reporting officer. The MLRO treats all reports in absolute confidence, and passes suspicious reports to SOCA. Only consider making a direct report to SOCA yourself if there is no appointed MLRO.
It's worth your while to find out more. The penalties for assisting money laundering are severe and can wreck careers and personal finances. So don't spend time in prison, or find your assets confiscated for ignoring suspicious activity.
Related links
Money laundering section of CIMA website
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