Anti money laundering policies in the United Kingdom
The UK and NZ Governments have introduced money laundering regulations which apply to business sectors including those of accountants, real estate agents and solicitors.
These regulations have not yet been introduced in Australia. However, the Federal Opposition treasurer has recently announced intentions to enact this legislation.
Pertinant anti money laundering policies
Those businesses to which the regulations apply are required to implement controls including the following:
Assess the risk of the business being used by criminals to launder money.
Verifying the identity of beneficial owners of companies and partnerships.
Monitoring customers business activities and reporting suspicions.
Appoint a nominated officer.
Verifying customer identification.
The implementation of controls.
Anti money laundering and the Australian property boom
It is arguable that the early implementation of such regulations in Australia may have significantly impacted the property boom.
In this respect what is referred to as politically exposed persons, including politicians, management of state owned corporations, members of armed forces (including family members) may have been restricted in their ability to acquire substantial property interests.
Polemic Forensic’s anti money laundering services include the following:
1. The diagnosis and implementation of controls and risk assessment systems.
2. The investigation of individuals and business entities in relation to sanctions.
3. The conduct of investigations into the sources of wealth.