Purpose

To approve and adopt the revised Proceeds of Crime and Anti Money Laundering Policy.

Decision

The purpose of this item was to present  Cabinet with a revised Proceeds of Crime and Anti-Money Laundering Policy for approval and adoption.

Councillor Patrick Coleman, Cabinet Member for Finance introduced the report  and asked Cabinet to consider the review of the Proceeds of Crime and Anti-Money Laundering Policy, which had been refined to reflect legislative and operational requirements and to provide a clear framework for the Council’s responsibilities in preventing and responding to money laundering and related activity.

Cabinet noted that the Policy set out the responsibilities of the Council and the nominated Money Laundering Reporting Officer, who was the Deputy Chief Executive and Chief Finance Officer, and established the Council’s approach to due diligence and the reporting of suspicious activity. Operational and procedural elements relating to disclosure procedures, the Reporting Officer’s considerations and client and supplier identification had been removed from the Policy and incorporated into a supporting internal procedure document.

The Cabinet further noted that a supporting flowchart had been developed as a quick reference guide for employees and that awareness communications and targeted training had been planned to support implementation, particularly for employees more likely to identify suspicious activity. The Policy had last been considered by Members in April 2021.

The recommendation was proposed by Councillor Patrick Coleman, seconded by Councillor Tony Dale and put to the vote.

Cabinet RESOLVED to:

1. Approve and adopt the Proceeds of Crime and Anti-Money Laundering Policy attached to this report.
2. Delegate authority to the Deputy Chief Executive and Chief Finance Officer to approve future minor amendments to the Policy, in consultation with the Cabinet Member for Finance, Assistant Director Counter Fraud and Legal Services.   

Voting record:

7 For, 0 Against, 0 Abstentions.