The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
The Money Laundering Regulations 2007 (in force from 15 December 2007) and the Proceeds
of Crime Act 2002 impose a number of obligations on law firms in the United Kingdom
as part of the UK Government's measures to combat money laundering and the financing
of terrorism.
The combined effect of this legislation is to provide a stringent and comprehensive
system of client identification procedures, record keeping and mandatory reporting.
When first taking your instructions we are required to identify both our client
and (if relevant) the ultimate beneficial owner of our client, and to verify that
identity in a number of ways. We may need your assistance to satisfy these requirements.
Without compliance with these obligations we will not be able to act for you.
It is our policy that the requirements for identifying and verifying a client's
identity which are in force in the United Kingdom shall also apply in our offices
outside the UK unless local laws impose higher requirements, in which event we shall
apply those higher standards.
Legislation in the UK and elsewhere may also place us under a legal obligation,
in certain circumstances, to disclose confidential information we have about you
and your affairs to law enforcement authorities. Our obligations are not optional
and we cannot override or avoid them.
We will, of course, ensure that we only report information that we are obliged to
report as a matter of law. We may not be able to inform you of the report we have
made unless and until permitted to do so by the law enforcement authorities.