Penalties guidance: anti money laundering/counter terrorist financing legislation: sanctions and prosecution
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017:
- Schedule 6 lists the relevant requirements that are subject to both civil penalties and criminal offences
- Regulation 86, 87 and 88 specifies regulatory offences which are subject to a criminal investigation.
- The Regulations provide no guidance when a civil breach of Regulations becomes a criminal offence
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 9 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.