Money Laundering Law and Regulation

BOOK REVIEW

MONEY LAUNDERING LAW AND REGULATION
A Practical Guide

By Robin Booth, Simon Farrell QC Guy Bastable, and Nicholas Yeo

Oxford University Press

ISBN: 978-0-19-954303-8

www.oup.com


MONEY LAUNDERING: 'A DIFFCULT AND CONTENTIOUS AREA OF LAW' -- AND IT CAN IMPACT ON YOU!

An Appreciation by Phillip Taylor MBE and Elizabeth Taylor from Richmond Green Chambers

This aptly subtitled 'Practical Guide' from the OUP is certainly in the 'must buy' category for any practitioner involved in any aspect of domestic anti-money laundering law and regulation. It's particularly relevant to any Counsel who accept public access instructions.

Not only does it explain and elucidate the key concepts of money laundering law introduced by the Proceeds of Crime Act of 2002, it injects throughout, a wise note of caution on the ways in which this legislation, designed to apprehend the guilty, can also impact on the innocent.

The authors refer here to 'the scale and frequency with which law enforcement activity impacts on individuals and businesses innocent of any criminal activity or intention'. The book therefore deals, among a host of other issues, with the effect of current anti-money laundering measures on, for example, bank or financial services employees, or other professionals or professions now regulated for money laundering purposes.

The book concerns itself therefore, not so much on such issues as proceeds of crime, or 'stripping criminals of their ill-gotten gains', but with the activity of money laundering and the law intended to combat money laundering, now commonly viewed as a key weapon in the fight against terrorism.

Such areas as the law and regulation relating to money laundering and the criminal liability pertaining to it, as well as disclosure, customer due diligence and other obligations which the legislation has created...and much more of course -- are all duly dealt with.

Key concepts and their practical application are all clearly explained, as is the current anti-money laundering regime, which is discussed in the context of international and European obligations.

The book's secondary purpose is to help the practitioner deal with circumstances brought about by the impact of anti-money laundering law on either individuals or companies; the freezing of a bank account for instance or the seizure of cash. Seizure powers and restraint orders are therefore included in the book. Here then, is a comprehensive and logically laid out work of reference written by experts in this 'difficult and contentious area of law'.

To aid further research, extensive tables of cases and legislation are included, together with a detailed glossary and useful index. The busy practitioner will also appreciate that among the eight appendices, there's a lengthy and certainly time-saving list of relevant websites. The law is stated as at 1 November 2010 and it shows just how money laundering can impact on you in this excellent practical guide.

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