United Kingdom Money Laundering Statutes
Drug Trafficking Offences Act of 1986[1] (DTOA) This act, which has mostly been repealed, did allow for the confiscation and seizuire of properties in connections with drug trafficking crimes.
Criminal Justice Acto of 1988[2][3]Among other things this act makes it a crime for a financial institution to allow the withdrawal of funds by a person is known or suspected to be engaging in criminal activity without the written consent of a constable. This crime can be punishable with up to 14 years in prison
Crimainal Justice Act of 1993[4] This declared activities criminal which relate to the laundering of proceeds of criminal conduct(non-drug). This act institutes the obligation to a report persons suspected of money laundering activities.
Drug Trafficking Act 1994[5][6] This act replaced The Drug trafficking Offences Act of 1986(see above). This law updated and strengthened money laundering provisions of the previous act.
Comparison
In comparing the money laundering statutes of the Untied States, Canada and the United Kingdom several similarities are apparent. Many of the statutes were set into law initiated by anti-drug policy. The United States Bank Secrecy Act being a partial exception to this. It would also appear that the anti-drug related legislation coincided along a similar timeline that could be a result of these countries with close economic and political ties.
In addition, the Canadian legislation would seem to mimic the United States legislation to include the establishment of an organization, FinTrac, similar in nature and utility to FinCen of the US. Along a similar vein both countries have cash transaction reporting mechanism established for activity over $10,000. However, the Canadian version has not kept pace with the additional tools given their American counterparts regarding Geographical Targeting of smaller transactions.
Other common threads in the various legislation would include the initiation of forfeiture laws first related to drug trafficking and later to non-drug offences and most notably money laundering activities. Another commonality can be found in the various requirements of financial institutions to report suspicious activity at penalty of criminal prosecution.
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[1] The Drug Trafficking Offences Act 1986 and the Criminal Justice Act 1988, found at http://members.ozemail.com.au/~themis/churchill/321.htm , 31 May 2001.
[2] Criminal Justice Act of 1988 , c. 33, found at Criminal Justice Act of 1988
[3] Suspicion of Money Laundering: What About My Human Rights?, Friedman, Paul., Baker and McKenzie, March 2001 found at http://www.bakerinfo.com/Publications/Documents/1585_tx.htm
[4] Crimainal Justice Act of 1993, c. 36, found at http://www.hmso.gov.uk/acts/acts1993/Ukpga_19930036_en_1.htm
[5] Drug Trafficking Act 1994, 1994 c. 37 , found at http://www.hmso.gov.uk/acts/acts1994/Ukpga_19940037_en_1.htm
[6] Drug Trafficking Act 1994 , 1994 c. 37,Continued found at http://www.hmso.gov.uk/acts/acts1994/Ukpga_19940037_en_6.htm
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