Christopher Gribbin, Managing Associate at Mishcon de Reya, examines the Court of Appeal's judgment in World Uyghur Congress v National Crime Agency for The Law Society Gazette. The decision, which clarifies the 'adequate consideration' exemption in the context of the money laundering provisions of the Proceeds of Crime Act 2002, has wide-reaching implications not only for businesses with global supply chains, but for all professional services firms in the UK, upending years of practice in this area.
The article considers the impact of the decision in practice, reviews what (if any) possible options there are for those business and firms that are affected, and anticipates what further legislative reform may be forthcoming.
Read in full.