Companies ill prepared for March law changes

UK companies are leaving themselves wide open to prosecution and facing massive financial penalties because of their failure to take new laws about Money Laundering seriously, warns leading corporate crime and fraud
solicitor Martin Cunningham.

The new Money Laundering Regulations come into force on 1 March.

Any company that handles single transactions involving cash of 15,000 euros (around 10,000) needs to ensure it has taken the necessary precautions to ensure compliance.

Briefly this means having systems and training in place to prevent money laundering, along with ensuring appropriate record keeping and internal reporting procedures exist.

If a company hasn’t got these basic requirements in place by 1 March, they could face a criminal prosecution, explains Cunningham.