Area of Law Anti-Money Laundering Laws

Question: Discuss about united kingdom laws regarding money laundering and terrorist funding- is it adequate? Answer: Introduction: Money Laundering is a system of transfer and utilization of money which conceals the original illegitimate source of that money. In general terms, it can be identified as the transferring the money to any foreign bank or use the money in any legitimate business. The terrorist funding is also associated crime with money laundering process. Terrorist funding is a process of providing finance to the terrorist by way or donation or profit from the legitimate business. Money laundering is a part of it. In this paper, the researcher attempts to the actual picture of the United Kingdom and its legislative structure about the money laundering and terrorist funding. The research will find out the extent of effectiveness of those laws to act on the money laundering and terrorist funding. Statement of problem: The topic is very relevant in the contemporary world. The main focus of the researcher is to give emphasis to the legal framework of England in regards to money laundering and terrorist funding. The researcher will mainly focus on the adequacy of those legislations. Aim and objective: The main of the researcher is to: To establish a connection between the money laundering and terrorist funding. To analysis different anti-money laundering and associated laws. To analysis the effectiveness of those laws. Research question: Whether the terrorist funding is associated with money laundering in the United Kingdom? Whether the laws are adequate to eradicate these issues? What are those prominent steps taken by the government to eradicate the issue? Literature Review: The money laundering is a very common phenomenon the United Kingdom. Many people and business organizations used to generate black money and transferred those to business or foreign banks. Concentrating to monetary services specialists, bankers, advocates, authoritarian agencies, inspectors, and investigators, gives the historical backdrop and argues the basis of dirty money which create a problem for financial institutions. The United Kingdom faces big money laundering cases like the Pizza Connection and the Brinks Mat gold laundering etc. In the United Kingdom, there are several laws to combat with the money laundering and terrorist funding. Mainly, the Money Laundering Regulations 2007, Proceeds of Crime Act 2002, Terrorism Act 2000, Anti-terrorism, Crime, and Security Act 2001 are the laws that govern the process of money laundering and terrorist funding. United Kingdom legislators structured the Anti-money laundering laws in such a way that can provide protection to the financial institution. Research methodology: The research is resolute to complete by the qualitative method. The research would rely on the analytical and doctrinaire process of research. It would be carried out by primary and secondary resources. The primary sources would include the legislations, cases and government reports, and policies. The secondary sources include articles, books, and journals. As per the research, the information will be collected from different case studies regarding the money laundering and terrorist funding. Bibliography: Books: 1. Bennett T,A Practitioner's Guide To Money Laundering Compliance(LexisNexis UK 2004) 2. Bosworth-Davies R and Saltmarsh G,Money Laundering(Chapman Hall 1994) Articles: 1. Chizu Nakajima D, 'Intensified Efforts To Fight Money Laundering And Terrorist Financing More Changes For The UK Financial Services Industry?' (2006) 9 J of Money Laundering Control 2. Simser J, 'Terrorism Financing And The Threat To Financial Institutions' (2011) 14 J of Money Laundering Control 3. Rowan Bosworth-Davies and Graham Saltmarsh,Money Laundering(Chapman Hall 1994) 4. Dr Chizu Nakajima, 'Intensified Efforts To Fight Money Laundering And Terrorist Financing More Changes For The UK Financial Services Industry?' (2006) 9 J of Money Laundering Control 5. Rowan Bosworth-Davies and Graham Saltmarsh,Money Laundering(Chapman Hall 1994) 6. Tim Bennett,A Practitioner's Guide To Money Laundering Compliance(LexisNexis UK 2004). 7. Jeffrey Simser, 'Terrorism Financing And The Threat To Financial Institutions' (2011) 14 J of Money Laundering Control 8. Dr Chizu Nakajima, 'Intensified Efforts To Fight Money Laundering And Terrorist Financing More Changes For The UK Financial Services Industry?' (2006) 9 J of Money Laundering Control.