Private Client: Taxing times
By broadening the scope of anti-money laundering laws, The Proceeds of Crime Act threatens to undermine the UK's status as a centre for wealth management, argues John Rhodes
The Proceeds of Crime Act 2002 (POCA) has extended the scope of UK anti-money laundering legislation and imposed new obligations on those in the ‘regulated sector’. The definition of what constitutes the regulated sector has not been finalised but it will include lawyers in private practice, and is likely to include in-house lawyers.
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