Anti-Money Laundering

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  • Created by: lawliv
  • Created on: 30-05-17 12:54
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Clues

  • 'An objective test is necessary because we want the financial industry at large to be must more diligent in identifying and reporting instances of money laundering. (7, 6)
  • 'The boundary between a real but "vague sense of unease" and the thought that there is a "more than fanciful possibility" that a transaction might involve money laundering is easy to articulate but almost impossible to identify in practice.' (8)
  • Bank refused to give information with regard to the freezing of customer's account. Court said that the bank does not have to say anything at all. (1, 1, 4)
  • Lord Devlin - 'suspicion' related to a 'state of conjecture or surmise where proof is lacking'. (7, 1, 5, 4, 3)
  • Must be reasonable grounds for the suspicion. (1, 1, 4)
  • section 328 only applies to property which is criminal prior to the arrangement. (1, 1, 5)
  • section 330(2) does not require that money laundering is actually taking place. (5, 1, 2, 8)
  • The 'other' person had to be identified or at least identifiable at the moment of the arrangement. (7, 4, 1, 3)
  • The burden is upon the reporting institution to prove suspicion, (4, 1, 4, 7, 4)

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