Regulatory regime

Regulatory regime

Money laundering is the process through which proceeds of crime, and their true origin and ownership, are changed so they appear legitimate (see Practice Note: Money laundering—key information for law firms).

Definitions

Under the Proceeds of Crime Act 2002 (POCA 2002) money laundering is defined as:

•
concealing, disguising, converting, transferring or removing criminal property out of the jurisdiction
•
entering into or becoming concerned in an arrangement that facilitates the acquisition, retention, use or control of criminal property
•
acquiring, using or possessing criminal property

These are known as the principal offences. See Practice Note: Proceeds of Crime Act 2002—key information for law firms.

Under the Terrorism Act 2000 (TA 2000) it is an offence to enter into or become concerned in an arrangement that facilitates the retention or control by or on behalf of another person of terrorist property:

•
by concealment
•
by removal from the jurisdiction
•
by transfer to nominees, or
•
in any other way

For more information, see Practice Note: Counter-terrorist financing—key information for law firms.

Proliferation

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Practice Compliance News

FCA told to reapply for warrant in lawyer fraud probe

MLex: The Financial Conduct Authority (FCA) made ‘significant errors in law’ as part of a fraud probe into a lawyer, judges have said, ordering it to reapply for a search warrant against the man. The High Court said that the FCA had not acted in bad faith and did not order the return of devices seized. In its ruling, the High Court cited messages obtained by the FCA from the lawyer, including one that said: ‘No point getting found to have committed fraud.’

Practice Compliance weekly highlights—12 March 2026

This week's edition of Practice Compliance weekly highlights includes OFSI’s updated sanctions enforcement guidance, an analysis on the impact of lifting of UK sanctions on a British accountant, the UK government’s new cross‑government framework outlining sanctions enforcement roles and consequences, new DBT and FCDO guidance documents under the UK’s Belarus sanctions regime, the Home Office’s 2026–29 Fraud Strategy, a call for evidence on improving economic crime information sharing, a second draft of the EU’s voluntary generative AI code of practice, and the LSB’s public censure of the SRA over failings related to the SSB Group collapse.

DBT updates guidance on countering Russian sanctions evasion

The Department for Business and Trade (DBT) and the Office of Trade Sanctions Implementation have updated their guidance on countering Russian sanctions evasion and circumvention. The updates include changes to the UK goods considered at higher risk of circumvention and the list of third country exporters. The guidance, originally published on 7 January 2025, provides advice to help UK businesses identify and mitigate risks associated with the evasion of Russian trade sanctions.

Lifting of UK sanctions on British accountant could signal the way ahead

MLex: Lawyers representing John Ormerod (a British accountant who became the first UK-based national to be designated by the government over alleged Russian sanctions breaches) said it was too early to say whether the lifting of his restrictions signalled a shift in policy.

View Practice Compliance by content type :

News