Review by Colin Wells, Barrister at 25 Bedford Row for Criminal Bar QuarterlyInternational Money Laundering and Terrorist Financing – a UK perspective
Authors: Paul Hynes, Richard Furlong, Nathaniel Rudolf.
This book is a must for all professionals and practitioners (financial, lawyers, auditors, accountants, insolvency, notaries, casinos, estate agents, trust and company service providers, public bodies and high value dealers) who are regulated or advise and represent those accused of money laundering and those who investigate, enforce and prosecute the same.
It provides a comprehensive guide to the relevant legislation, providing a detailed examination of the UK Government’s measures to combat money laundering and terrorist financing.
The book achieves its aim of examining money laundering from both a business compliance and a legal enforcement perspective. The step by step approach to practice and procedure is of great practical assistance to all of those who are responsible for compliance and advisors in legal proceedings.
Part A of the book introduces the topic of money laundering in terms of its existence, definition, development, recognition and anti-combat measures. This background is useful as it gives a context to the legislation and other regulations introduced by various Governments. The background gives helpful insight into the draconian measures adopted by legislators, law enforcement agencies and upheld by the judiciary as part of the criminalisation process.
The examination of the Money Laundering Regulations in Part B of the book, with guidance from professional bodies and trade associations and substantive criminal offences (including Proceeds of Crime Act 2002) in Part C, provides a thorough examination of anti-money laundering measures.
The international coverage is useful as money laundering occurs across many different borders and jurisdictions. As the authors observe, “different jurisdictions view the matter in different ways” and devise different solutions, so that no jurisdiction can be viewed in isolation: a point recognised by the United Nations, European Union and Financial Action Task Force.
The legal and practical experience of the three barrister authors is clear as the book gives clear and practical guidance, particularly in the difficult and complex area of confiscation, both civil and criminal (see Part D).
As a practitioner myself, I particularly find the 52 appendices (containing 928 pages) invaluable; all the relevant statutes, secondary legislation, guidance and international directives contained in one book.
This is an essential tool in any practitioner’s kit bag.
International Money Laundering and Terrorist Financing
– a UK perspective is published by Sweet and Maxwell (December 2008): ISBN 978-1-84703-133-4.
Colin Wells, Barrister, 25 Bedford Row
For Criminal Bar Quarterly