Anti Money Laundering in UK Law
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Group Seven Ltd and Another v Ali Nasir and Others
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Before 15 November 2011, there were obviously questions which needed to be asked as to where the €100 million had come from and how it was that Larn was able to transfer it to the Notable client account. The advice from Mr Choudhury of the Law Society was that he could only go so far and there would come a point when he could draw a line and form a judgment as to what he was dealing with.
The real question is whether Mr Louanjli's statements and his email did assist Larn. Larn and Mr Nobre were seeking to satisfy Notable as to the source of the money in question. Larn and Mr Nobre wanted Mr Louanjli to support their case as to the source of the money in question. It is certainly possible to examine his statements and his email and to question whether anything of real substance was said.
I accept that Notable wanted to have reliable, good quality information, in writing, as to the source of funds. However, despite its efforts, what Notable received was the oral confirmation on 3 November 2011 and the email of 14 November 2011, both from Mr Louanjli, and the Armajaro reference. Together, this information was not good quality information and the conversation on 3 November 2011 was not in writing, although Ms Ciserani made a written note of what was said.
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Group Seven Ltd (a company incorporated under the laws of Malta) v Notable Services LLP
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It is not enough that the defendant merely suspects something to be the case, or that he negligently refrains from making further enquiries. The judgments also make it clear that the existence of the suspicion is to be judged subjectively by reference to the beliefs of the relevant person, and that the decision to avoid obtaining confirmation must be deliberate.
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Dreamvar (UK) Ltd v Mischon De Reya (A Firm)
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As for MdR's position, it is common ground that it is insured for events such as this, and that its insurance cover is sufficient to cover in full the loss suffered, should it not be excused from liability. In terms of balancing the relative effects or consequences of the breach of trust, it is apparent that MdR (with or without insurance) is far better able to meet or absorb it than Dreamvar.
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Otkritie International Investment Management Ltd and Others v Georgy Urumov (also Known as George Urumov) and Others
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I am prepared to accept that in a very broad general sense, it may well be true to say that it is inherently improbable that a particular defendant will commit a fraud. However, as it seems to me, the court must in each case consider carefully what is — and is not — inherently probable having regard to the particular circumstances — but the standard of proof in civil cases always remains the same i.e. balance of probability.
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Boris Abramovich Berezovsky (Claimant) Roman Arkadievich Abramovich (Defendant) Boris Abramovich Berezovsky (Claimant) Hine & Others (Defendants)
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And, although this court necessarily views that evidence "Under Western Eyes 21", it has to be careful about applying what it might regard as conventional Western European business standards to judge the conduct of businessmen operating in the very different, and largely unregulated, commercial and political environment of Russia at the material times. As I remind myself: "… this is not a story of the West of Europe" 22.
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The Wolfsberg Anti‐Money Laundering Principles
On 30th October, 2000, a new initiative to combat money laundering was unveiled. What differentiates this initiative from many of the existing initiatives is that it has been put forward by the pri...
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Anti‐money laundering under Turkish law
Purpose: The purpose of this paper is to analyze the anti‐money laundering legislation and its implementation under Turkish law. The steps taken to combat money laundering in Turkey and the importa...
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The Evolving EU Anti-Money Laundering Regime
Over the past twenty-five years, the European Union has developed a far-reaching legal regime aimed at countering money laundering. The evolution of this regime has been linked inextricably with th...
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Anti-money laundering regulations and its effectiveness
Purpose: – The purpose of this study is to check the effectiveness of anti-money laundering (AML) regulations in Pakistan. The study investigates and analyses some key variables that may be influen...
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Letting agents: anti-money laundering requirements
On 10 January 2020, The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. As a result, letting agents are now supervised by HMRC for anti-money laundering and c...
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Anti-money laundering: Regulation Around the World
In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is ac...
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Anti-Money Laundering And Counter-Terrorist Financing
Reputational concerns and the growing focus of financial regulators on money laundering and counter-terrorist financing (CTF) are starting to have an impact on how non-regulated sectors of the econ...
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UK Law Commission Makes Recommendations to Improve Anti-Money Laundering Regime
The U.K.'s Law Commission has published a report, entitled "Anti-money Laundering: the SARS Regime", setting out recommendations to improve the prevention, detection and prosecution of money launde...
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Chapter MLR3C3250
...... check the business has risk sensitive anti-money laundering policies and procedures in ......
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Chapter MLR3C2093
...... businesses are required to comply with anti-money laundering legislation by putting in place ......
- Chapter MLR3C2108
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Chapter MLR3C1100
...... Money Service Businesses. High Value Dealers. ... irrespective of supervisor should follow the anti money laundering guidance issued by the ......