Notary Public London Guide – Money laundering regulations Part 1

Notaries Public have to be aware of the current money laundering regulations and conduct their business accordingly.  Money laundering is something of a hot topic in law circles at the moment so MD Pryke Notary Publichas produced a series of articles designed to provide both Notaries and their clients with a broad understanding of the issues involved.

So, let’s tackle the definition of money laundering.  When the criminal receives the proceeds of crime they must search for a way to legitimise their windfall.  They do this by placing their money back into the financial system in order to disguise its origins and to appear as if it were the proceeds of a legitimate financial transaction.

This initial ‘placement’ of monies is often the easiest stage to detect that a crime has taken place so a Notary Public will take steps to ensure that they receive the correct level of identification before they can properly act.  If they suspect the motives of a client who, for example, wishes only to deal in cash without providing a reason for so doing, a Notary Public in London (or elsewhere, for that matter) is obliged to report their suspicions to the relevant authorities.  The procedure for this and the relevant contact details of the organisations involved will be published in future Notary Public London Guides.

The next stage in the money laundering process is often called layering, which is where a criminal will try to pass the money through a bewildering array of transactions designed to obscure its origins.

The final stage of which a Notary Public must be aware is the process of integration, whereby the criminal attempts to reintroduce the proceeds of his crime back into circulation, most often through a property transaction or by establishing a trading company.

For further details of money laundering regulations and how they affect a Notary Public in London, please contact Matthew Pryke through the usual channels or by calling 0207 636 4422.

3
  Related Posts

Comments

  1. Jake  May 3, 2013

    Thanks for sharing your thoughts on notary public london.

    Regards

Add a Comment