KNOWING THE INTERNATIONAL CLIENT . 2 nd European Money Laundering Directive. Apply to all 25 European nations 3 rd Directive due to come into force domestically by 15 December 2007 Lawyers seen as front line against abuse. DOMESTIC REGULATIONS (2003) .
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These regulations came into force in the UK on1March 2004 and impose the following obligations on UK law firms:-
Lawyers must be satisfied that they are dealing with a real person or organisation (natural, corporate or legal) and obtain satisfactory evidence of identity to establish that the client is that person or organisation.
For the purposes of Regulations 2003 “satisfactory evidence of identity” is evidence which is reasonably capable of establishing (and does in fact establish to the satisfaction of the person obtaining it) that the client is the person he or she claims to be.
A firm’s internal reporting procedures must require:
b) Anyone in the firm handling relevant business must make an internal report to the nominated officer if he / she knows or suspects or has reasonable grounds for knowing or suspecting that a person is engaged in money laundering.
d) That the nominated officer makes an external report to a person authorised by the Director General of NCIS if he or she does so determine. Failure to report to NCIS as soon as is practicable is an offence under s331 of The Proceeds of Crime Act 2002.