A Critical Analysis of the Effect of the Double Criminality Test on Nominated Officers and Money Laundering Reporting Officers (MLRO) in the Regulated Sector

Abstract

This paper critically discusses the effect that the new double criminality test has on Nominated Officers and MLRO's in the Regulated Sector. It looks at the difficulties the new double criminality test is likely to create for the Nominated Officers, addressing issues like 'when to report and not to report' and 'risk posed by changes to laws/regulations'. It then looks at the difficulties the new double criminality test is likely to create for the MLRO's as regards the execution of their duties. It does this by addressing the issue of 'difficulty in training staffs.'

Keywords: Single criminality, double criminality, money laundering, criminal conduct, criminal property, summary offences, indictable offences, either way offences, reporting, training staffs, Nominated Officer