THE INTERNATIONAL EFFECT OF MONEY LAUNDERING LAWS
| Pages | 67-81 |
| Published date | 01 January 1996 |
| Date | 01 January 1996 |
| DOI | https://doi.org/10.1108/eb024868 |
| Author | NIGEL MORRIS‐COTTERILL |
| Subject Matter | Accounting & finance |
THE INTERNATIONAL EFFECT OF MONEY LAUNDERING
LAWS
Received: 20th November, 1995
NIGEL
MORRIS-COTTERILL
NIGEL MORRIS-COTTERILI.
IS
A SOLICITOR IN LONDON, ADVISING
ON
MONEY LAUNDERING
LAWS
AND
ASSOCIATED REGULATORY AND RISK
MANAGEMENT AREAS. HE HAS WRITTEN
FOR
AND BEEN INTERVIEWED BY MANY
NEWSPAPERS AND MAGAZINES AND
HAS SPOKEN ON RADIO ON MANY
OCCASIONS AS AN EXPERT ON THIS
MOST
IMPORTANT AREA OF LAW. NIGEL
ALSO
RUNS TRAINING SESSIONS FOR
BANKERS, LAWYERS AND OTHER
PROFESSIONAL TO TEACH THEM HOW
TO
AVOID BEING TARGETED BY THE
MONEY LAUNDERERS. HE HAS WRITTEN
'HOW NOT TO BE A MONEY
LAUNDERER', DUE TO BE PUBLISHED IN
DECEMBER 1995. HE MAY BE CONTACTED
AT MMS, 2 FRIERNS COTTAGES,
FROG STREET, DODDINGHURST,
ESSEX CM15 0JH,
TEL.
+44(0)956
701129,
FAX.
+44(0)956
701131.
ABSTRACT
Money laundering is the only way of get-
ting the proceeds of criminal activity into
the
economy.
Without it the criminal can-
not profit from his endeavour. So, gov-
ernments worldwide are trying to find
new ways of preventing criminals profit-
ing from their crimes. They are using
hard law, they are using outreach provi-
sions.
They are creating new areas of risk
for those engaged in all manner of trade
both domestically and with any inter-
national
aspect.
This paper shows why.
CAVEAT
Money laundering law is in a state of
flux worldwide. In the UK there have
been notable changes since the laws
were introduced in 1993. Other jur-
isdictions are making frequent and
often fundamental changes to their
laws and to the manner in which they
are applied and enforced. Criminals
are acting in ever more complex ways
to gain unrestricted access to the pro-
ceeds of their crimes. For this reason
it is not possible to say that all infor-
mation is the very latest available.
Nothing in this paper should be
regarded as advice in any particular
circumstance.
Readers are cautioned
against reliance on any comment
67
To continue reading
Request your trial