Decision details

Members considered a draft Anti-Money Laundering Policy.

Local authorities were required to have procedures in place for the detection and disclosure of incidents of suspected money laundering and terrorism financing.

The Policy aimed to establish prudent and responsible anti-money laundering controls and reporting arrangements designed to detect and avoid involvement in the offences described in Regulations.

RESOLVED

That Cabinet be recommended to

(1)   adopt the Anti-Money Laundering Policy set out as an Appendix to the report;

(2)   nominate the Borough Treasurer and Head of Assets as Money Laundering Reporting Officer;

(3)   prohibit the receipt of payments in cash for the purchase of land and property;

(4)   set a maximum amount (to be determined in consultation with the Borough Treasurer) above which cash will not be accepted for other transactions; and

(5)   require the Money Laundering Reporting Officer to arrange for appropriate briefing material and training to be provided.