Money laundering: A guiding light
On 15 December, 2007, the Money Laundering Regulations 2007 will come into force. This article focuses on the new customer due diligence (CDD) requirements on the beneficial owner of the client. It considers relevant passages from the Law Society practice note on the regulations, for which the Law Society has applied for Treasury approval. If this approval is given, an English court will have to consider compliance with that guidance when assessing whether a criminal offence had been committedunder the regulations. However, a decision on such approval is not expected before spring next year.
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