WMLR Digest is a free monthly distribution of issues relating to the prevention of money laundering, compliance with counter-money laundering laws and the regulatory environment. Subscriber information is at the end of this newsletter. Money Laundering Report is a paid-for subscription newsletter published 10 times per annum. A major analysis of the UK's counter-money laundering legislation applies a logical progression through a series of legislative measures cross referencing definitions sections and schedules and comes to the conclusion that there is an argument that the wording of one section undermines much of the premise that, in the UK, all serious crime is to be regarded as predicate crime for money laundering purposes. And, worse, the offending section predates the counter-money laundering laws and if the argument is correct, then many confiscation orders going back over a period of more than a decade may be unsafe.
Negotiations seem to be making progress, then something stops the wheels turning.
But it's an opposition Bill, introduced to combat what the Labor Party see as laxity on the part of the incumbent government. The UK already has a range of laws that impact upon proceeds of crime. Some of them are running into trouble, as are such procedures around the world as human rights activists and others question the strength of, particularly, pre-conviction confiscation. A wide ranging analysis of case law gives an indication of the direction things are taking. An introduction to the Draft Bill prefaces a major comparison of the UK and Australian Bills.