Money laundering is the process by which the proceeds of crime are changed so that they appear to come from a legitimate source.
The Council's money laundering policy explains what money laundering is and the legal and regulative framework that is in place to govern it. It also specifies the processes the Council needs to put in place to ensure that it does all it can to prevent the Council and its employees being exposed to money laundering and to ensure that the Council complies with all legal and regulatory requirements.
The key aspects of the policy are the:
- designation of the Chief Financial Officer as the Money Laundering Reporting Officer (MLRO)
- establishment of procedures for employees/members to report any suspicions to the MLRO
- establishment of procedures for employees/members to report any suspicions to the MLRO
- provision of training to relevant employees/elected members in respect of the requirements of the legislation including the identification of suspicious transactions, identity verification and reporting procedures.
There are a number of money laundering offences specified in the regulatory framework that the Council and its employees could be subject to. However, given the nature of the Council’s activities the overall risks to the Council of contravening the legislation are considered low. The Council cannot however be immune from the risks surrounding money laundering.