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Tuesday, 10th November 2015

Evolution of UK Money Laundering Law

Source: House of Commons Library (UK)

This note sets out the main features of the UK’s money laundering legislation which is comprised largely of legislation derived from the EU Third and Fourth Money Laundering Directives.

This note concentrates especially on the impact of the legislation on the financial services industry and upon professional services, such as accountants and solicitors, who are most exposed to the law.

It notes that the guidance given to institutions is interpreted differently both between institutions and over time. The burdens in terms of compliance are great, however, the benefits, in terms of a safer financial system, are less easy to measure even though they may be considerable.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

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