The Money Laundering Regulations 2007 implement the European Union third money laundering directive. They set out administrative requirements for the anti-money laundering regime within what is referred to as ‘the regulated sector’, which specifically includes auditors, insolvency practitioners, external accountants and tax advisers.
The regulations set out the requirements relating to the manner in which members of the regulated sector should approach their clients and outline the scope of this action on the basis of what is known as ‘customer due diligence’. The regulations create specific offences for those in the regulated sector who fail to comply with its requirements.
It is apparent from the scenario that Ian and Jet are liable to control and prosecution under the Proceeds of Crime Act 2002 as they are involved in money laundering. It is clear that the original money to purchase the football club was not the product of crime, so that transaction itself is not covered by the money laundering legislation. However, even if the club was bought with legitimate money, it is nonetheless the case that it is being used to conceal the fact that the source of much of Jet’s money is criminal activity. Jet would therefore be guilty on the primary offence of money laundering under s.327 Proceeds of Crime Act 2002. Ian is also guilty of an offence in relation to the Proceeds of Crime Act 2002 as he is clearly assisting Jet in his money laundering procedure. His activity is covered both by s.327, as he is actively concealing and disguising criminal property, and s.328 as his arrangement with Jet ‘facilitates the retention of criminal property’.
Ian is also liable under s.330, for failing to disclose any suspiciously high profits from the football club and is clearly in breach of the regulatory regime set out in the Money Laundering Regulations 2007.
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