The new Proceeds of Crime (Money Laundering) Act substantially alters business’ obligations to record and report suspicious financial transactions. The Act is intended to improve detection and deterrence of money laundering and facilitate its investigation and prosecution. The first set of important regulations requiring the reporting of suspicious transactions will require compliance by November 8, 2001.

type Proceeds of Crime (Money Laundering) Act: New Suspicious Transaction Reporting Regulations Require Implementation by November 8, 2001