ISLAMIC FINANCE AND UK MONEY LAUNDERING CONSIDERATIONS

On 22 March, an article from Field Fisher starts by saying that, in the UK, as in other jurisdictions, Islamic finance transactions are not regulated differently from non-Islamic transactions for AML purposes. Existing UK legislation and regulations apply to Islamic finance as they would with any other finance structure or product; and international standards and guidance relating to financial crime is silent on the topic of Islamic financings.  A paper produced by the firm looks at the fundamentals of Islamic finance, anti-money laundering considerations and the due diligence that participants need to undertake. 

https://res.cloudinary.com/fieldfisher/image/upload/v1616425024/PDFs/Islamic_Finance_-_UK_money_laundering_considerations_l1y3aq.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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