Jurisdiction(s):
United Kingdom

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...

MLCOs under the UK MLR 2017: When Appointment Is Required, Who to Appoint, Responsibilities, Senior Management Duties, Training and Registration

Published by a LexisNexis Risk & Compliance expert

Practice notes

This Practice Note is designed for commercial organisations within scope of the money laundering, Terrorist Financing and Transfer of funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It explains the obligation to appoint a board-level (or equivalent) individual to oversee compliance with the MLR 2017, commonly called the money laundering compliance officer (MLCO) or board-level person. It mirrors the requirements of the MLR 2017 and offers suggestions on good practice; however, you should check whether your organisation’s AML supervisory authority sets any extra conditions or limitations. Law firms regulated by the SRA should consult Practice Note: -law firms. Appointment is not universal. Sole traders are not required to appoint an MLCO. Other entities are only required where both of the following apply:

they fall within the MLR 2017,
and it is appropriate to appoint an individual, taking into account the size and nature of the business

See section: Is it compulsory to appoint an MLCO?

What is an MLCO?

The phrase ‘money laundering compliance officer’ does not appear in the...

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Web page updated on 27/05/2026

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