Issue - meetings

This report provides updated policy and procedures for H&F in respect of Anti-Money Laundering, for approval by the Committee.

Geoff Drake, Chief Internal Auditor, introduced the report, which set out recent changes to the money laundering procedures. He said that the procedures had been amended, following changes to the CIPFA guidance, and were presented for the Committee’s information, having been approved under delegated powers.

Councillor Ginn asked whether the Council received large cash payments frequently. Mr Drake said that they did, and that the figure used was that contained in the CIPFA guidance and was in use across Europe.

Councillor Ginn suggested that the figure was very high and asked whether the Council could set a lower limit for cash transactions. Jane West, Executive Director of Finance and Corporate Governance, said the Council would be reluctant to refuse payment if it was made legally.

Councillor Murphy asked whether there was a mechanism for recording repeated large cash payments. Mr Drake said that the Council did not, in line with the scheme itself.

RESOLVED THAT

The report be noted.

This report provides updated policy and procedures for H&F in respect of Anti-Money Laundering, for approval by the Committee.