Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money laundering definition

What does Money laundering mean? money laundering is the process of concealing the proceeds of crime so they appear legitimate, including placement, layering and integration. The term is generic, but in the UK the principal offences are defined in the Proceeds of Crime Act 2002 (ss.327–329), with related reporting and tipping‑off offences and preventive duties under the Money Laundering Regulations 2017 (as amended). In Ireland, offences and compliance obligations arise under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010–2021. Key features include dealing with “criminal property” (acquiring, using, possessing or arranging) and duties in the regulated sector—banks, solicitors, accountants, estate agents and others—to...

UK 2021 in-house legal and regulatory tracker: business crime, commercial, corporate governance, data and privacy, employment and responsible business [Archived]

Published by a LexisNexis In-house Advisor expert

Practice notes

This Practice Note has been archived and is no longer maintained. It outlined the principal legal and regulatory shifts expected to influence, or already influencing, in-house lawyers in 2021. Some measures were fixed, whereas others were more tentative or reliant on the parliamentary timetable. It was last updated on 8 November 2021.

Business crime

The following offers edited highlights that are not sector specific.

Failure to prevent offence: The Law Commission consulted on corporate criminal liability, proposing possible reforms such as widening failure to prevent offences to encompass fraud and other economic crimes. The consultation closed on 31 August 2021. The Law Commission Business Plan 2021–22 signals that an options paper will be put to the government during 2021–2022.
Economic crime levy for MLR 2017 regulated firms: On 21 September 2021, HM Treasury stated that AML-regulated businesses with UK revenue exceeding £10.2m will be subject to an economic crime levy from the 2022/2023 tax year. The first levy payments will fall in 2023/24, ie 1 April 2023 to 31 March 2024. The government also published...

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Web page updated on 22/05/2026

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