Overview
The question is:
You are hired as a research intern by a legal firm, based in London, which will report to a financial policy think tank, The Banking Reform Forum, whose focus is on reconsidering the traditional understanding of banking policy. Evaluate the obligations imposed on banks in respect of their roles in financial intelligence relating to money laundering. Are bank customers adequately protected when a bank makes a suspicious transaction report?
Materials to refrence(OSCOLA) :
- Anu Arora, Banking Law (1st edn, Pearson, 2014), Chapter 13.
- Karen Harrison and Nicholas Ryder, The Law Relating to Financial Crime in the United Kingdom (3rd edn., Routledge, 2022), Chapter 2.
- Peter Yeoh, ‘Banks’ Vulnerabilities to Money Laundering Activities’ (2020) 23(1) JMLC 122.
- Miriam Goldby, ‘Anti-Money Laundering Reporting Requirements Imposed by English Law: Measuring Effectiveness and Gauging the Need for Reform’ (2013) 4 J.B.L. 367.
- Paul Marshall `Shah v HSBC Private Bank (UK) Limited: Filling the Legislative Gaps`
(2012) 7 Journal of International Banking and Financial Law 407.
- Tong Lo, Xiao `Suspicious activity reports (SARs) regime: reforming institutional
culture` (2021) Journal of Money Laundering Control 24(3) 514
- Stokes, Robert, ‘The Banker’s Duty of Confidentiality, Money Laundering and the Human Rights Act’ (2007) 5 Journal of Business Law 502.
- The Sentencing Remarks in the NatWest Conviction https://www.judiciary.uk/wp-content/uploads/2022/07/FCA-v-Natwest-Sentencing-remarks-131221.pdf;
- Review a selection of FCA fines for AML regulatory breaches, available here: https://www.fca.org.uk/news/news-stories/2023-fine...
- R. Stokes and A. Arora ‘The duty to report under the money laundering legislation within the United Kingdom’ (2004) Journal of Business Law 332.
- Law Commission, Summary Report Money Laundering (2019) available here: https://lawcom.gov.uk/project/anti-money-launderin...
- NCA, National Strategic Assessment of Serious and Organised Crime 2021 p.54-57, available here: https://nationalcrimeagency.gov.uk/images/campaign...