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Money Laundering Law – Business Crime Solicitor Jeremy Summers on Office of Fair Trading enforcement principles

On the 15 May 2013 the OFT has issued new enforcement principles which will apply to estate agents and consumer credit financial institutions (CCFI’s).

Key changes include:

  • Making it clear in which areas the Money Laundering Regulations 2007 place requirements on supervised businesses.
  • Highlighting that the OFT can issue a notice requiring information from supervised businesses and connected persons.
  • Providing more detail in relation to the OFT's inspection programme, including how it prioritises inspections.
  • Explaining the factors to that will be taken into account when deciding whether to impose civil penalties or bring criminal prosecutions.
  • Providing examples of when the OFT might determine that immediate enforcement action is necessary.

By Business Crime Solicitor Jeremy Summers.

Click here to read more about Money Laundering Law.

Click here for more information on the OFT enforcement principles.