ABSTRACT
This chapter covers three of the UK's anti-money laundering initiatives including also an attempt at quantifying the extent of the problem. It considers background to the policy of criminalizing and regulating money laundering, plus an evaluation of the financial institutions. The chapter concentrates on the recovery of the proceeds of crime. It also outlines that UK's money laundering policy is generally compliant with the international measures. The UK introduced its first money laundering reporting requirements by virtue of the Drug Trafficking Offences Act 1986 which has since been amended by the Proceeds of Crime Act (POCA) 2002 and the Money Laundering Regulations 2007. Money laundering can be defined as the process utilized by criminals to disguise or convert the proceeds of crime into clean money. The offence of money laundering is currently contained within Part 7 of the POCA 2002. The important body is the Financial Services Authority (FSA) which acts as a key policymaker in the UK.
