Money Laundering is the process by which criminals attempt to ‘clean' the proceeds of their illegal activities in order to conceal its origins and ownership and which leaves them with money that cannot be traced back to crime.
There are a number of offences these include:-
- Conceal, disguise, convert, transfer criminal property or
· remove it from the UK
· Enter into or become concerned in an arrangement which you know or suspect facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person
· assist a money launderer;
· tip-off a person suspected to be involved in money-laundering that they are the subject of an investigation
· fail to report a suspicion of money-laundering
· Acquire or use property acquired by criminality
South Staffordshire Council has a strict Anti -Money Laundering Policy which is included at the foot of this page.
The public is entitled to expect the Council to conduct its affairs with integrity, honesty and openness, and to demand the highest standards of conduct from those working for it. Our Anti- Fraud and Corruption and Anti Money Laundering Policy outline the Council's commitment to creating an anti-fraud culture, and maintaining the highest ethical standards in its administration of public funds. It also recognises our responsibilities under the various legislation including the Terrorism Act 2000, Proceeds of Crime Act 2002, Money Laundering Regulations 2007 and Fraud Act 2006, and subsequent regulations.
Money laundering legislation requires all individuals within the Council to report any knowledge or suspicions that they might have of money laundering to the Council's Money Laundering Reporting Officer.
Are you aware of people or organisations that are making payments to the Council using money that resulted from the proceeds of crime?
Concerns relating to Money Laundering should be reported immediately to the Money Laundering Reporting Officer. Members of the public, Council employees, Members and contractors are all encouraged to report concerns.
At: firstname.lastname@example.org Direct Dial 01902 696469
South Staffordshire Council
Please provide as much information as possible about your suspicions.
Useful information would include:-
· Full details of the people involved (including yourself if relevant), e.g. name, date of birth, address, company names, directorships, phone numbers, etc.
· Full details of the nature of your and their involvement
· The types of money laundering activity suspected
· The dates of such activities, including whether the transactions have happened, are ongoing or are imminent
· Where they took place
· How they were undertaken
· The (likely) amount of money/assets involved
· Why, exactly, you are suspicious.
Do not ‘tip off' the person you are concerned is acting illegally. Tipping off is where someone informs the person who has approached the Council that they are suspected of being involved in money laundering, in such a way as to prejudice any investigation.