Anti-money laundering policy
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) came into force on 26 June 2017. They implement the EU's fourth directive on money laundering. In doing so, they replace the Money Laundering Regulations 2007 (MLR 2007) and the Transfer of Funds (Information on the Payer) Regulations 2007 which were previously in force.
Whilst the majority of money laundering activity in the UK falls outside of the public sector, vigilance by our employees can help identify those who are or may be perpetrating crimes relating to the financing of terrorism and money laundering.
This policy, together with supporting guidance notes aims to support staff in identifying potential suspect transaction during the course of their work at the council. The policy provides a mechanism for such transactions to be reported to an appropriate officer for evaluation and potentially passed on to the relevant authorities.