Over the past 20 years, the focus on money laundering by governments, and therefore law enforcement, has increased dramatically. The United Nations Office of Drugs and Crime reported that 2–5% of global GDP is laundered each year, which can be attributed to organised crime groups, corrupt government officials and the increasing apparent threat of terrorism.
The focus on this practice by the government and law enforcement has been increasing over the years to try and minimize the risks as much as possible.
However, when most of the regulations organizations are focused on the “regulated sector” in the UK, i.e. financial institutions and auditors, how are companies outside this regulated sector affected by the money laundering regime? What is the position when the predicate offending takes place in the UK and the laundering overseas?
Jonathan Pickworth and Jonah Anderson at White & Case, and one of FRA’s Founding Partners, Toby Duthie, discuss in GIR how the UK’s AML regime applies to businesses outside the regulated sector and look at what steps should be taken in preparation of a potential change in law.