Penalties guidance: anti money laundering/counter terrorist financing legislation: sanctions and prosecution
Money Laundering Regulations 2007 (MLR):
- Regulation 45 lists the regulatory offences which are subject to a criminal investigation. These are the same as the breaches which are liable to a civil penalty under Regulation 42.
- The Regulations provide no guidance when a civil breach of Regulations listed in Regulation 42 becomes a criminal offence under Regulation 45
Transfer of Funds Regulations 2007 (referred to as the Payments Regulation):
- The relationship between Regulations 11 and 14 is the same as between Regulations 42 and 45 of MLR
Schedule 7 Counter Terrorism Act 2008 (CT Act):
- Under Para 30 failure to comply with a requirement imposed by a direction, as listed in Schedule 7 Part 3 Paras 10 to 13, is an offence subject to a criminal prosecution (See MLR1PP3220) This offence is in respect of the same breaches which are liable to a civil penalty under Para 25.
- Under Para 31 providing false information, and knowing this information is false, when applying for a licence under Para 17, (see MLR1PP3220) is also an offence subject to a criminal prosecution.
- The CT Act provides no guidance when a civil breach of Regulations listed in Para 25 becomes a criminal offence under Para 30.