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Money Laundering

The Money Laundering Regulations 2007 ("MLR 2007") are the successor to the Money Laundering Regulations 2003, the regulations that we have worked under for several years. MLR 2007 was introduced on 15 December 2007 and places additional responsibilities upon companies whose business activities involve either cash or cheques and wire money transfers in exchange for an "asset" which is marketable subsequently (e.g. share certificates).

Money Laundering takes various forms including;

• acquiring, using or possessing criminal property;
• handling the proceeds of crimes such as theft, fraud and tax evasion;
• being knowingly involved in any way with criminal or terrorist property;
• entering into arrangements to facilitate laundering criminal or terrorist property;
• transferring criminal property;
• investing the proceeds of crimes in other financial products;
• investing the proceeds of crimes through the acquisition of property/assets; and
• put simply, trying to turn money raised through criminal activity into "clean" money.

MSP Secretaries Limited is able to provide guidance regarding the Money Laundering Regulations 2007.