When will a money laundering debt arise?
Regulation 35 of the Money Laundering Regulations 2007 provides: “(1) The authority, the OFT and the Commissioners may impose charges – (a) on applicants for registration; (b) on relevant persons supervised by them. (2) Charges levied under paragraph (1) must not exceed such amount as the Authority, the OFT or the Commissioners (as the case may be) consider will enable them to meet any expenses reasonably incurred by them in carrying out their functions under these regulations or for any incidental purpose. (3) Without prejudice to the generality of paragraph (2), a charge may be levied in respect of each of the premises at which a person carries on (or proposes to carry on) business. (4) The Authority must apply amounts paid to it by way of penalties imposed under regulation 42 towards expenses incurred in carrying out its functions under these regulations or for any incidental purpose. (5) In paragraph (2), “expenses” in relation to the OFT includes expenses incurred by a local weigh