Although implementation of the Second Money Laundering Directive of 2001 in the form of the 2003 Money Laundering Regulations has been delayed, the year to date has seen radical developments in anti-laundering laws and rules. The PROCEEDS OF CRIME ACT 2002 (PART 7) (POCA)

More than eight months after POCA came into force on 24 February 2003, it continues to have a significant impact on financial institutions, particularly as a result of the uncertainties which the legislation has caused....

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