To what extent are the requirements of the laws and regulations relating to money laundering in the UK a realistic attempt to combat the money laundering problem?

By

ACKNOWLEDGEMENT

No words can express my appreciation and gratitude to my research advisor _______ through the course of this research, Professor _____has taught me numerous values that extend well beyond the realm of _________ (Your Subject Name). His emphasis on dedication to working and his valuable and practical insights of life are some of the major highlights of my education at The University _________. To Professor _____, I say with great respect, thank you very much.

DECLARATION

I [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work and that the dissertation/thesis has not previously been submitted for the academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

Signed __________________ Date _________________

ABSTRACT

Money Laundering is where assets or money which has been gained by criminal activity are exchanged for assets or money which is 'clean' in the eyes of the law. This might be by way of masquerading these assets or money as business deals and leaving a trail of paperwork which corresponds to a legitimate business transaction but in fact this has not happened. The money which is used may well be obtained from a variety of sources, the common sources are terrorist activities and drug trafficking. The regulation around money laundering came into practice on the 15th of December as Money Laundering Regulations 2007. Furthermore, there were even more key legislations like the Proceeds of Crime Act 2002, which was amended by the Serious Organised Crime and Police Act 2005, other acts like terrorism Act 2000 and the Anti-terrorism, Crime and Security Act 2001, Financial Action Task Force (FATF), which is an institution across the governments of the world whose sole aim is the development and promotion to tackle money laundering. It also looks at financing terrorism by way of money laundering, as well. Research has shown that the UK government has taken a number of steps and passed a number of legislations in this regard. The legislations regarding anti-money laundering are very strict in UK and these have been fulfilling the requirements to fight against the money laundering in the country.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1 INTRODUCTION1

1.1 Background of the study1

1.2 Introduction2

1.3 Problem statement3

1.4 Aims and objectives3

CHAPTER 2 LITERATURE REVIEW5

2.1 Money laundering in UK5

2.2 The Process of Money Laundering6

2.3 International regulation development against Money Laundering6

2.4 FATF (Financial Action Task Force)8

2.5 UK legislations9

CHAPTER 3 METHODOLOGY13

3.1 Research Design13

3.2 Role of the Researcher14

3.3 Ethnography and positivism14

3.4 Data Analysis Techniques15

3.5 Ethical issues15

CHAPTER 4 DISCUSSION AND ANALYSIS16

CHAPTER 4 DISCUSSION AND ANALYSIS16

4.1 Legislative framework regarding money laundering in UK16

4.2 Legislation to combat terrorism financing in UK19

4.3 Breach of Money Laundering Regulations 2007 regulations20

4.4 Breach of Proceeds of Crime Act 2002 and Terrorism Act 200021

4.5 Money laundering control measures in different countries22

4.5.1 The control of money laundering in Germany22

4.5.2 The control of money laundering in ...