Issue - meetings

Anti-Money Laundering Policy

Meeting: 25/07/2018 - Audit and Governance Committee (Item 19)

19 Anti-Money Laundering Policy pdf icon PDF 137 KB

To consider the report of the Chief Finance Officer.

 

Additional documents:

Minutes:

The Chief Finance Officer presented the report on the Council’s Anti-Money Laundering Policy and Procedures, which had been reviewed and updated to meet the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017).

 

The new legislation had expanded the definition of money laundering and increased the range of activities in the statutory framework. Local authorities had been required to establish internal procedures to prevent the use of their services for money laundering and how the Council would approach the risk of fraud and corruption. Members were informed that money laundering and failure to report money laundering, were the two main offences that could be committed.

 

The Audit and Governance Committee approved the update to the Council’s Anti-Money Laundering Policy and Procedures.