Money laundering refers to the exchange of monies obtained by criminal means for ‘clean’ money or other assets that have no obvious link to the criminal origins. It also covers monies or assets, however obtained, that are used to fund terrorist activity.
As a dentist, you should have no direct obligations under the laws aimed at preventing money laundering. However, you may be affected by them indirectly through your dealings with other professionals such as accountants and lawyers. You will also be affected if you hold consumer credit authorisation.
Aspects of running your practice may raise the possibility of money laundering activity. For example, if bidding for a public contract (for example, an NHS contract in England and Wales), you are likely to be asked about money laundering as part of the process. It may be no more than a confirmation that you have not been involved in such activity, but the questions may be more probing.
Key learning points
This advice describes the obligations on businesses to avoid being involved in money laundering activities. It explains:
- The relevant requirements of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and the Proceeds of Crime Act 2002
- When you need to consider the possibility of money laundering activities
- The requirements of Financial Conduct Authority and when these might affect you.