Issue - meetings

RECOMMENDED:  That the Anti-Money Laundering Policy and the associated procedures that are contained/attached within the policy and the appendices be approved.

Reason for Decision

To introduce the anti-money laundering policy and the associated procedures as a new policy, as the council do not currently have any policy or procedures in place for anti-money laundering purposes. This policy looks to provide a clear process for officers/members who wish to report suspicions of money laundering and to the same end helps to raise suspicions of serious crime to the relevant responsible officers and other organisations (the National Crime Agency – NCA). As well as to protect officers/members who may have a suspicion and may require assistance to prevent further offences and/or obtaining guidance to prevent themselves from inadvertently becoming ‘involved’ in money offences.

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Cabinet considered a report which explained that Regulated Authorities must have provisions in place relating to ‘Money Laundering’, as a Local Authority the Council was not legally obliged to apply the provisions of the Money Laundering Regulations 2007. However, as a responsible public body, the Borough Council who do not undertake any such regulated activities should employ policies and procedures which reflected the essence of the UK’s anti-terrorist financing, and anti-money laundering regimes. Such legislation had been considered by professional bodies, resulting in best practice guidance being issued that required local authorities to establish internal procedures to prevent the use of their services for money laundering. As part of the work being undertaken by the Internal Audit Department in respect of anti-fraud, anti-corruption / bribery this is a new policy being introduced to enhance the Council’s controls and mitigation to the risk of serious fraud / money laundering. The report provided information regarding the proposed policy and procedures including roles and responsibilities and the particular criminal offences/activities that relate to money laundering.

In response to questions from Cabinet Members J Hay, Fraud Investigator explained that he was working with the Norfolk Fraud Hub to ensure best practice and introduce officer training on the subject.  He was also going to ensure the policy was promoted internally to raise awareness.

RECOMMENDED:     That the Anti-Money Laundering Policy and the associated procedures that are contained/attached within the policy and the appendices be approved.

Reason for Decision

To introduce the anti-money laundering policy and the associated procedures as a new policy, as the council do not currently have any policy or procedures in place for anti-money laundering purposes. This policy looks to provide a clear process for officers/members who wish to report suspicions of money laundering and to the same end helps to raise suspicions of serious crime to the relevant responsible officers and other organisations (the National Crime Agency – NCA). As well as to protect officers/members who may have a suspicion and may require assistance to prevent further offences and/or obtaining guidance to prevent themselves from inadvertently becoming ‘involved’ in money offences.